Polkadot Is in a Tight Range as Bears Breach the Support at $5.98
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price is in a sideways move as bears breach the support at $5.98. The altcoin has been fluctuating between $5.98 and $6.60 price levels. Today, Polkadot is trading in a tight range below the 21-day moving average line. On October 13, the altcoin declined sharply to the low of $5.65 and pulled back. The bulls bought the dips as the candlestick showed a long tail. The cryptocurrency has recovered above the current support. Nonetheless, the candlestick with a long tail indicates strong buying pressure at lower levels of price.
Polkadot (DOT) Indicator Analysis
DOT price has continued to fall as it reaches level 39 of the Relative Strength Index for period 14. The crypto is approaching the oversold region of the market. It is in a bearish momentum below the 60% range of the daily Stochastic. The crypto’s price bars are below the moving average lines indicating a further decline of the coin. The 21-day and the 50-day lines SMA are pointing southward indicating the downtrend.
Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4
What Is the Next Direction for Polkadot (DOT)?
Polkadot has reached bearish exhaustion as bears breach the support at $5.98. On September 21 downtrend; the DOT price corrected upward and a candle body tested the 78.6% Fibonacci retracement level. The correction suggests that the DOT price will fall to level 1.272 Fibonacci extension or level $5.47.
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