Polkadot (DOT) Makes a Fresh Decline, Faces Rejection at $29 High
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price has reached bearish exhaustion as price rebounded above the $32 support. The upward correction is facing a minor resistance at $29. If buyers breach the resistance at $29, Polkadot will rally above the moving averages The current upward move will extend to the high of $55. On the other hand, if the DOT price falls and breaks below the $32 low, the market will decline to $26 low.
Polkadot (DOT) Indicator Analysis
Polkadot has a bearish crossover. The 21-day line SMA crosses below the 50-day line SMA indicating a sell signal. The altcoin is at level 41 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.
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 downward move. The downtrend has reached bearish exhaustion. Meanwhile, on November 18 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 $33.33. From the price action, the market is declining to the previous low at $33.
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