{"id":20483,"date":"2023-05-02T15:50:21","date_gmt":"2023-05-02T15:50:21","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/dot-drops-to-6-week-low-on-tuesday-market-updates-bitcoin-news\/"},"modified":"2023-05-02T15:50:21","modified_gmt":"2023-05-02T15:50:21","slug":"dot-drops-to-6-week-low-on-tuesday-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/dot-drops-to-6-week-low-on-tuesday-market-updates-bitcoin-news\/","title":{"rendered":"DOT Drops to 6-Week Low on Tuesday \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Polkadot was one of Tuesday\u2019s biggest movers, as the token dropped to a six-week low in today\u2019s session. Prices fell for a long-term support point of $5.60, as the global crypto market cap was once again 1% lower today. Avalanche also hit a price floor on Tuesday.<\/strong><\/p>\n

Polkadot (DOT)<\/h2>\n

Polkadot (DOT) was down for a second straight session on Tuesday, as sentiment in cryptocurrency markets remained bearish.<\/p>\n

DOT\/USD dropped to a low of $5.61 earlier in the day, which comes less than 24 hours after trading at a high of $5.82.<\/p>\n

As a result of the move, polkadot slipped to its weakest point since March 12, when price was trading at $5.47.<\/p>\n

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DOT\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Today\u2019s decline saw DOT near a floor at $5.60, with bulls so far rejecting a breakout below this point.<\/p>\n

At the time of writing, the token is trading at $5.68, which comes as the relative strength index (RSI) jumped from a floor of its own.<\/p>\n

The index rebounded from a floor at 36.00, and as of writing, is tracking at 37.52.<\/p>\n

Avalanche (AVAX)<\/h2>\n

In addition to DOT, Avalanche (AVAX) was another notable mover on Tuesday, as the token fell to its own level of support.<\/p>\n

Following a high of $17.06 to start the week, AVAX\/USD sunk to a bottom at $16.53 earlier today.<\/p>\n

Tuesday\u2019s decline saw bears attempt to take avalanche to a long-term price floor at $16.30, however they were unsuccessful, thus far.<\/p>\n

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AVAX\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, and similar to what occurred with DOT, the breakout was rejected as the RSI remained above a floor of 41.00.<\/p>\n

As of writing, price strength is tracking at 41.27, with a ceiling of 43.00 a possible target for bulls looking to extend the current rebound.<\/p>\n

Should this occur, there is a chance that AVAX could reach $17.00<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Will avalanche climb above $17.00 this week? Let us know your thoughts in the comments.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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