{"id":246086,"date":"2022-07-14T05:00:48","date_gmt":"2022-07-13T23:30:48","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=246086"},"modified":"2022-07-13T19:19:47","modified_gmt":"2022-07-13T13:49:47","slug":"reasons-why-polkadot-lost-its-important-support-zone-this-week","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/reasons-why-polkadot-lost-its-important-support-zone-this-week\/","title":{"rendered":"Reasons why Polkadot lost its important support zone this week"},"content":{"rendered":"<p>Polkadot\u2019s native cryptocurrency DOT established a support line near the $6.40 price level after bottoming out in June. It also retested this support level multiple times in the last few weeks. Another retest occurred this week but this time the same support line showed signs of weakness.<\/p>\n<p>DOT dipped as low as $6.26% on 12 July after breaking through the support line. This is courtesy of the bearish conditions that have prevailed since the start of this week.<\/p>\n<p>This outcome reflects the lack of enough buying pressure amid increased concerns of another potential crash. However, DOT managed to regain some upside, after achieving a new 2022 low at $6.22.<\/p>\n<figure id=\"attachment_246089\" aria-describedby=\"caption-attachment-246089\" style=\"width: 1143px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/DOTUSDT_2022-07-13_14-51-28.png\"><img decoding=\"async\" class=\"wp-image-246089 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/DOTUSDT_2022-07-13_14-51-28.png\" alt=\"\" width=\"1143\" height=\"578\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/DOTUSDT_2022-07-13_14-51-28.png 1143w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/DOTUSDT_2022-07-13_14-51-28-300x152.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/DOTUSDT_2022-07-13_14-51-28-1024x518.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/DOTUSDT_2022-07-13_14-51-28-768x388.png 768w\" sizes=\"(max-width: 1143px) 100vw, 1143px\" \/><\/a><figcaption id=\"caption-attachment-246089\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h3><strong>Not out of the woods yet?<\/strong><\/h3>\n<p>Despite its slight upside in the last 24 hours, the fact that DOT broke through the June support might be a sign of more potential downside. This is because the support weakness is a sign that more investors are unwilling to buy, at that price level, hence the lower demand. DOT enthusiasts might be waiting for the token to step into the oversold region, in which case, the altcoin would have to drop further.<\/p>\n<p>Additionally, DOT\u2019s price direction heavily depends on investors&#8217; moods. The Binance funding rate metric registered a notable drop in interest in the derivatives market between 10 and 12 July. On the other hand, its social dominance metric achieved a slight increase but its spike on 8 July might have signified the start of the sell-off.<\/p>\n<figure id=\"attachment_246088\" aria-describedby=\"caption-attachment-246088\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.30.40-13-Jul-2022.png\"><img decoding=\"async\" class=\"wp-image-246088 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.30.40-13-Jul-2022.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.30.40-13-Jul-2022.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.30.40-13-Jul-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.30.40-13-Jul-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.30.40-13-Jul-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.30.40-13-Jul-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.30.40-13-Jul-2022-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-246088\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>The whales saw the signs and hence sold off some of their holdings. The whale supply metric dropped slightly from 43.67% on 10 July, to its four-week low on 12 June.<\/p>\n<p>However, the same metric indicates that whales have accumulated the token and now control 43.90% of DOT\u2019s circulating supply. It also means that the whales hold more DOT than they did prior to this week\u2019s bearish performance.<\/p>\n<figure id=\"attachment_246087\" aria-describedby=\"caption-attachment-246087\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.39.30-13-Jul-2022.png\"><img decoding=\"async\" class=\"wp-image-246087 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.39.30-13-Jul-2022.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.39.30-13-Jul-2022.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.39.30-13-Jul-2022-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.39.30-13-Jul-2022-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.39.30-13-Jul-2022-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.39.30-13-Jul-2022-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/Polkadot-DOT-15.39.30-13-Jul-2022-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-246087\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h3><strong>DOT still in danger?<\/strong><\/h3>\n<p>It is clear why the latest dip did not push far below the support, now that the whales are accumulating. It is a healthy sign that the price might bounce back and reclaim higher price levels, but this is not a guarantee.<\/p>\n<p>There also remains the possibility that investors might shy away due to low development activity, and the prevailing market uncertainty.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Polkadot\u2019s native cryptocurrency DOT established a support line near the $6.40 price level after bottoming out in June. It also retested this support level multiple times in the last few weeks. Another retest occurred this week but this time the same support line showed signs of weakness. DOT dipped as low as $6.26% on 12<a href=\"https:\/\/ambcrypto.com\/reasons-why-polkadot-lost-its-important-support-zone-this-week\/\">Continue reading <span class=\"sr-only\">&#8220;Reasons why Polkadot lost its important support zone this week&#8221;<\/span><\/a><\/p>\n","protected":false},"author":63,"featured_media":246091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-246086","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Reasons why Polkadot lost its important support zone this week - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Polkadot\u2019s native cryptocurrency DOT established a support line near the $6.40 price level after bottoming out in June.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/reasons-why-polkadot-lost-its-important-support-zone-this-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reasons why Polkadot lost its important support zone this week - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Polkadot\u2019s native cryptocurrency DOT established a support line near the $6.40 price level after bottoming out in June. It also retested this support\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/reasons-why-polkadot-lost-its-important-support-zone-this-week\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-13T23:30:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/07\/bull-1885566_1280.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"856\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Michael Nderitu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/nderitu_michael\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael Nderitu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/reasons-why-polkadot-lost-its-important-support-zone-this-week\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/reasons-why-polkadot-lost-its-important-support-zone-this-week\\\/\"},\"author\":{\"name\":\"Michael Nderitu\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/0f3e9d96bec7b08bb0f729fb02d5fcbf\"},\"headline\":\"Reasons why Polkadot lost its important support zone this week\",\"datePublished\":\"2022-07-13T23:30:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/reasons-why-polkadot-lost-its-important-support-zone-this-week\\\/\"},\"wordCount\":406,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/reasons-why-polkadot-lost-its-important-support-zone-this-week\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/bull-1885566_1280.jpg\",\"articleSection\":[\"Altcoin\",\"News\",\"News 1\",\"Social\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/reasons-why-polkadot-lost-its-important-support-zone-this-week\\\/#respond\"]}],\"copyrightYear\":\"2022\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/reasons-why-polkadot-lost-its-important-support-zone-this-week\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/reasons-why-polkadot-lost-its-important-support-zone-this-week\\\/\",\"name\":\"Reasons why Polkadot lost its important support zone this week - 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