Polkadot Attempts to Hold Above $5.25 for a Fresh Uptrend

Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot (DOT) price is falling below the moving average lines as it holds above $5.25 for a fresh uptrend. On May 1, the current $5.77 support was breached, and selling pressure picked up again. The cryptocurrency is falling to test the $5.25 low once more. The price signal has indicated a possible decline and subsequent turnaround. On April 21, as the candle body tested the 78.6% Fibonacci retracement line, DOT pricing underwent an upward turnaround. The correction predicts that DOT will fall but then reverse course at level 1.272 of the Fibonacci extension, or level $5.45. The altcoin is currently approaching the Fibonacci extension of level 1.272.

Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4

Polkadot (DOT) Indicator Analysis
On the Relative Strength Index for period 14, Polkadot is at level 38. The cryptocurrency is still in the bearish trend zone and could decline. The current decrease is caused by the price bars being below the moving average. The cryptocurrency is oversold but has moved above the daily Stochastic threshold of 25. The altcoin is declining, ending the positive momentum.

What Is the Next Direction for Polkadot (DOT)?
Polkadot is now at the very bottom of the chart as it holds above $5.25 for a fresh uptrend. The cryptocurrency is falling to retest its previous low of $5.25. After reaching the previous low at $5.25, the altcoin will turn around. The oversold area of the market for cryptocurrencies has been reached.

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