Polkadot price is down 2% in the last 24 hours as the crypto market witnessed renewed selling momentum during U.S. trading hours Wednesday. Leading cryptocurrencies, Bitcoin and Ethereum, also saw 2-4% declines, dropping to $54,700 and $2,351, respectively. The overhead supply pressure hints that the prevailing correction has not yet bottomed, and sellers could drive an extended downfall.
Polkadot Price Signal Reversal From Major Support
The crypto market recorded a notable correction in the past two weeks amid recent recession fears and a notable sell-off in traditional markets. The selling pressure plunged most of the major cryptocurrencies, including Polkadot (DOT), into aggressive downfall.
In the daily chart, Polkadot price fell from $6.47 to $3.6, registering a loss of 44.55%. The aforementioned support has been intact since October 2020, and the bottom was the last correction trend before the 233% rally.
The long-tail rejection candle highlights sustained demand pressure at the
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