Polkadot Rebounds Above the $14 Support as Bears Sell at $16 High
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price is in a downtrend as bears sell at $16 high. The altcoin has rebounded as it rallied to the high of $16. The crypto’s price is struggling to break the resistance at $16 which was the previous support level. The uptrend will continue to the previous highs if the bulls break the resistance levels of $16 and $17. A break above those levels will propel the altcoin above the moving averages. Polkadot will rise and revisit the previous high of $23. Conversely, if the bulls fail to break above the $16 resistance, DOT/USD will be compelled to a range-bound move between $14 and $16 price levels.
Polkadot (DOT) Indicator Analysis
DOT price is at level 44 of the Relative Strength Index for period 14. The altcoin is still in the downtrend zone and it is capable of falling as it faces rejection at the $16 high. The crypto’s price is below the moving averages despite the recent upward move. The altcoin is above the 40% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 50-day line SMA and the 21-day line SMA are sloping downward 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)?
DOT/USD has regained bullish momentum as bears sell at $16 high. Meanwhile, on April 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that DOT price will fall to level 1.272 Fibonacci extension or level $15.46. From the price action, DOT price broke below level 1.272 Fibonacci extension but resumed upward.
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