Polkadot cryptocurrency has experienced a lack of demand and increased selling pressure causing its price to fall below the critical support level of $6. This has led to a bearish sentiment in the market, with a potential for a sustained bearish trend unless there is a false breakout. The daily chart indicates aggressive selling near the $6 support level, with the price breaching the significant $6 support and aligning with the lower boundary of a multi-month triangle. This signals a notable bearish sign, with a sustained bearish trend likely if the breakout is confirmed.

The 4-hour chart shows Polkadot facing rejection near the $6.8 supply zone, completing a pullback to the broken region and verifying the initial breakout. This indicates the sellers’ dominance, with the price forming a descending wedge pattern near the $6 support region. Although the bearish momentum initially faded, leading to slight fluctuations, sellers ultimately dominated, breaching the pattern’s lower boundary and the significant $6 support region. This bearish breakout might be a false one, indicating a bear trap, and the price action in the coming days will determine the breakout’s validity.

The recent bearish descent is mirrored by a significant plunge in the Open Interest (OI) metric, reaching its lowest value. This indicates a lack of interest from market participants in taking aggressive long positions, suggesting that the futures market has cooled down with minimal activity. Low open interest coupled with negative funding rates suggests a prevailing bearish sentiment in the market. Unless there is a change in the upcoming days that brings demand back into the market, the bearish trend is likely to continue.

The futures market sentiment analysis provides valuable insights into the cryptocurrency’s potential future path. The lack of interest from market participants and negative funding rates suggest a bearish sentiment in the market. The price action in the coming days will determine if the bearish trend will continue, with a potential for a false breakout. The bearish momentum and breach of the significant $6 support region indicate a sustained bearish trend unless there is a change in market sentiment.

The bearish sentiment in the market is likely to continue unless there is an increase in demand and a change in market sentiment. The price action in the coming days will determine the breakout’s validity, with a potential for a false breakout. The futures market sentiment analysis suggests a bearish sentiment, with low open interest and negative funding rates. The bearish trend is likely to continue unless there is a change in market sentiment, with the price action in the coming days being crucial in determining the cryptocurrency’s potential future path.