Polkadot Is Falling as Sellers Threaten To Short Below $5.79
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot (DOT) is trading below the moving average lines as sellers threaten to short below $5.79. The cryptocurrency asset has fallen to the low of $5.78 as bulls bought the dips. However, the selling pressure has continued despite the upward correction. The bears are targeting the $5.78 support level. Polkadot will drop to $4.50 if existing support is broken. Since the beginning of the rally on January 20, existing support has held. If the current support holds, the altcoin will begin a new rally. The market will rise and retest its high of $7.50.
Polkadot (DOT) Indicator Analysis
Polkadot has dipped to level 39, according the Relative Strength Index for period 14. The oversold section of the market is approaching its breaking point. It can degenerate further. The DOT price is dropping as the price bars approach the moving average lines. The altcoin is continued moving bearishly below the daily Stochastic’s level of 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 experiencing a slump as sellers threaten to short below $5.79. According to the price movement, the DOT price has reclaimed the $6.00 level of support, but sellers have threatened to apply more selling pressure. To the downside, the slump will continue if sellers break through the $5.79 support.
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