Polkadot Is in Downward Move as Bears Revisit the Previous Low at $7.18
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price is falling as bears revisit the previous low at $7.18. In the previous price action, the altcoin has been in a range-bound move between $8 and $12 price levels. On the downside, if the bears break below the $8.00 support, the selling pressure will resume. The altcoin will revisit the previous low at $7.18. On the other hand, if the $8 support holds and the altcoin rebounds, DOT’s price will rally above the $12 resistance. The bullish momentum will extend to the $16 high.
Polkadot (DOT) Indicator Analysis
DOT price is at level 38 of the Relative Strength Index for period 14. Polkadot is in the bearish trend zone as sellers are back to sink the coin. The altcoin is below the 50% range of the daily stochastic. The market has resumed bearish momentum. The 21-day line SMA and the 50-day line SMA are sloping southward 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)?
Polkadot is likely to further decline as bears revisits the previous low. Meanwhile, on May 12 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 $4.90.
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