Polkadot (DOT) Finds Support Above $38, Poises for Upward Move Soon
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price has fallen and broken below the moving averages. Today, the cryptocurrency has declined to $38 low as bulls bought the dips. On November 4, buyers pushed Polkadot to a peak price of $55. The bulls could not sustain the bullish momentum above the $55 high. The downtrend resumes after the bulls were resisted twice on November 5 and 9. In the meantime, the market is fluctuating above the current support at $38. The uptrend will resume if the current support holds.
Polkadot (DOT) Indicator Analysis
DOT price bars are below the 21-day line and the 50-day line moving averages. This could cause the altcoin to fall. DOT price has fallen to level 41 of the Relative Strength Index for period 14. The altcoins are in the downtrend zone and capable of a further downward move.DOT price is above the 30% range of the daily stochastic. The market is in a bullish momentum .
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 has fallen and reached bearish exhaustion. DOT/USD has fallen above the $38 support. For the past 48 hours, the altcoin has fluctuated above the current support. Meanwhile, on November 6 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOT will fall to level 2.618 Fibonacci extension or $39.17. From the price action, the market is consolidating above the $38 support.
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