Polkadot Is in a Decline as It Targets the $4.80 Support
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot (DOT) price is in a decline as it targets the $4.80 support. After the most recent rejection, the bears have resumed selling pressure. Since November 9, the DOT price has been fluctuating between $5.34 and $6.17. Sellers shattered the $5.34 support on November 22, but bulls took up the slack. Buyers pushed the cryptocurrency back into the range-bound area. Though, the bears are pushing the value of the cryptocurrency lower. At the $5.50 high, buyers tried to advance upward but were refused. Nevertheless, Polkadot will drop even lower to the $4.80 low if the current support is breached. The altcoin will either recover or reverse if it retests the $4.80 support.
Polkadot (DOT) Indicator Analysis
For period 14, the DOT price is at level 37 on the Relative Strength Index. The altcoin is declining as it approaches the oversold region of the market. The price bars are below the moving average lines, which will cause the altcoin to decline. A decline is indicated by the moving average lines heading downward. The altcoin is moving downward as the daily Stochastic is below level 40.
Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4
What Is the Next Direction for Polkadot (DOT)?
Polkadot is in decline following the rejection at the $5.50 high as it targets the $4.80 support. During the decline of November 9, the DOT price made an upward adjustment, and a candle body tested the 78.6% Fibonacci retracement line. The correction predicts a decrease in DOT’s price to level 1.272 of the Fibonacci extension, or $4.80.
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