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Polkadot Bulls Defend $6.3 Support as It Battles the $8.27 High

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Polkadot Bulls Defend $6.3 Support as It Battles the $8.27 High
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price is in a downtrend as it battles the $8.27 high. The crypto’s price made an upward correction but failed to break the 21-day line SMA. Today, the cryptocurrency is trading at $8.12 below the 21-day line SMA. A break above the 21-day line will propel Polkadot to rally to $9.80 high. A rejection at the 21-day line SMA will sink the altcoin to the previous low of $6.37. The cryptocurrency will further decline to the low of $4.23 if the bears break below the $6.37 support. In the meantime, DOT/USD is trading between $6.67 and $8.00 price levels

Polkadot (DOT) Indicator Analysis
Polkadot is at level 46 of the Relative Strength Index for period 14. It is in the downtrend zone and capable of further decline. DOT’s price is below the moving averages indicating a further decline. DOT is above the 50% range of the daily stochastic. The market is in a bullish momentum.

Polkadot Bulls Defend $6.3 Support as It Battles the $8.27 High
DOT/USD – Daily Chart

Technical indicators:
Major Resistance Levels – $48, $52, $56
Major Support Levels – $32, $28, $24


What Is the Next Direction for Polkadot (DOT)?
Polkadot is struggling below the 21-day line SMA as it battles the $8.27 high. The 21-day moving average line has been a resistance to the price bars. The crypto is likely to face rejection at the recent high. Meanwhile, on May 11 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that DOT price will fall to level 1.618 Fibonacci extension or level $2.68.

Polkadot Bulls Defend $6.3 Support as It Battles the $8.27 High
DOT/USD – Daily Chart


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