Polkadot Under Strong Bearish Influence , Will The Nearest Support Level Hold?

Polkadot continues to face downtrend on its chart as broader market strength also remained low. Over the last 24 hours, DOT lost close to 8% of its market value invalidating weekly gains that DOT secured. Technical outlook for the coin indicated bearish price action. In accordance with the same, it is likely that the coin might not be able to hold itself above the $6 support level. The coin has been witnessing stiff resistance at the $7.20 mark. Only if the coin manages to trade above $7.20 for a considerable period of time, the bulls could be back. On the developmental front, Polkadot is introducing a new on chain governance model. Gavin Wood, Polkadot founder announced about the on chain governance model as a part of the Polkadot Decoded 2022 conference. The primary goal of this new governance model is to ramp up the number of collective decisions the governance structure is able to make. The newest development is yet to have any positive effect on the price of the altcoin. Polkadot Price Analysis: One Day Chart DOT was trading at $6.76 at the time of writing. The nearest support line for the coin is at $6. The sellers have taken over so the coin can soon slip below the aforementioned price level. Fall below the $6 support level will make DOT hit a new low this year, the coin might trade near the $4.20 support line. Overhead resistance stood at $7.20, the coin has struggled to move past that level over the last few days. If ...