Polkadot (DOT) Declines, Revisits the Previous Low above $13
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot (DOT) has fallen to the previous low above $13 on June 22. The crypto is now consolidating above the current support. DOT price has fallen into the oversold region of the market. Further selling is unlikely as the coin reaches bearish exhaustion. The crypto is in a downward correction. Buyers are likely to emerge to push prices upward.
Polkadot (DOT) Indicator Analysis
DOT price is at level 34 of the Relative Strength Index period 14. It indicates that the altcoin is approaching the oversold region. If price falls below level 30, the market will be said to be oversold. In the case of the stochastic indicator, DOT price is below the 20% range of the daily stochastic, It indicates that the market is in the oversold region. The selling pressure has been exhausted. The 21-day and 50-day SMAs are sloping southward.
Technical indicators:
Major Resistance Levels – $48, $52, $56
Major Support Levels – $32, $28, $24
What Is the Next Direction for Polkadot (DOT)?
Polkadot is in a downward correction. It is consolidating above the previous low at $13. The selling pressure has subsided. Meanwhile, on the daily chart, a Fibonacci tool has been used to determine the bearish trend. On April 23 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This indicates that DOT price will fall to level 1.618 Fibonacci extension or level $13.56. From the price action, DOT price is consolidating above level $13.00.
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