Polkadot (DOT) Continues Range-Bound Move, Consolidates above $28 Support
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price is still in a downward correction. On December 4 bearish impulse, the cryptocurrency has been fluctuating between $28 and $32 price levels. For the past five days, the DOT price has remained range-bound. Meanwhile, on November 28 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOT will fall but reverse at level 1.272 Fibonacci extension or $26.09.
Polkadot (DOT) Indicator Analysis
The altcoin is at level 33 of the Relative Strength Index for period 14. It is in the downtrend zone and below the centerline 50. DOT price is below the 50% range of the daily stochastic. The market is in a bearish momentum. The 21-day and 50-day moving average lines are sloping southward. The crypto’s price is below the moving averages 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)?
On the 4 –hour chart, Polkadot is in a downtrend. The moving averages are acting as resistance to the price bars. Meanwhile, on November 28 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOT will fall but reverse at level 1.272 Fibonacci extension or $26.40.
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