Polkadot (DOT) Slumps Again to $26 Low as Buyers Emerge To Resume Uptrend

Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price is still in a downward correction as buyers emerge to resume uptrend. The bulls failed to break above the 50-day line moving average. DOT price has fallen below the moving averages as a result of recent rejection. If the bulls have broken above the 50-day line moving average, the altcoin would have been out of downward correction. Polkadot will rise to reach the previous highs of $39 and $45. Today, the DOT price has fallen below the moving averages. The cryptocurrency is likely to revisit the previous low at $23.50.Meanwhile, DOT/USD is trading at $26.70 at press time.

Polkadot (DOT) Indicator Analysis
DOT price is at level 42 of the Relative Strength Index for period 14. It indicates that the altcoin is in the bearish trend zone and below the centerline 50. DOT’s price is below the 21-day line moving average and the 50-day line moving average. The altcoin is below 40% area of the daily stochastic.DOT price 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, the altcoin has resumed selling pressure as buyers emerge to resume uptrend. DOT price has broken below the moving averges. The current downtrend has reached bearish exhaustion. DOT price may resume upward move. Meanwhile, on December 26 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that DOT will rise to level 2.618 Fibonacci extension or $44.29.

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