Polkadot (DOT) Makes a Gradual Fall after $28 Resistance, May Continue to Fall
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot (DOT) is making a gradual fall after testing the high of $28. DOT price is making a series of lower highs and lower lows. The upward move is facing resistance at the 21-day SMA. DOT price is capable of falling as long as it is in the bearish trend zone. The downtrend will resume if price faces rejection at the recent high.
Polkadot (DOT) Indicator Analysis
DOT price is at level 42 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50. The coin is above the 50% range of the daily stochastic, It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping southward 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)?
Polkadot is in a downward move. On the 4 hour chart, the DOT price is falling after reaching the high of $28. Presently, the market is making a lower high for a possible downward move. On June 8 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. This indicates that DOT price will fall to level 2.0 Fibonacci extension or level $14.55.From the price action, the market is making a lower high before resuming downward.
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