Polkadot Declines above the $17 Low as the Altcoin Risks Further Decline
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price is in a downward correction as the altcoin risks further decline. The cryptocurrency fell to the low of $17 as bulls bought the dip. Since April 5, the altcoin has been retracing from the $23 resistance level. The bulls could sustain the bullish momentum above the $23 high. Today, the cryptocurrency is holding above the $17 support as the altcoin makes an upward correction. On the upside, if the current support holds, the altcoin will be range-bound between $17 and $23 price levels. Conversely, if the bears break below the $17 support, the market will decline to the low of $14 low.
Polkadot (DOT) Indicator Analysis
The altcoin has fallen to level 38 of the Relative Strength Index for period 14. The crypto is now in the downtrend zone and it is approaching the oversold region. The crypto’s price is below the moving averages which indicates a possible downward move of the cryptocurrency. The altcoin is below the 40% range of the daily stochastic. The market is in the bearish momentum. The 50-day line SMA and the 21-day line SMA are sloping downward indicating the downtrend.
Technical indicators:
Major Resistance Levels – $48, $52, $56
Major Support Levels – $32, $28, $24
What Is the Next Direction for Polkadot (DOT)?
DOT/USD is in a downward move as altcoin risks further decline. DOT price breaks below the moving averages to reach the low of $17. Presently, the altcoin is fluctuating above the $17 support. Meanwhile, on April 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that DOT will fall to level 1.272 Fibonacci extension or level $16.19.
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