Polkadot Reaches Bearish Fatigue as It Reverses at $4.00

Polkadot (DOT) Long-Term Analysis: Bearish

Polkadot’s (DOT) price reaches bearish exhaustion as it reverses at $4.00. During the August 5 price drop, bulls bought the dips and held the decline above the $4.20 support. For the previous week, the DOT price has ranged between $4.00 and $5.100. The upward movement has been slowed by resistance at $5.10. The altcoin is plummeting as it approaches its prior low.

On the April 8 price drop, the price prediction suggested a likely decline and turnaround at the 1.272 Fibonacci retracement level, or $4.10. Based on the price activity, the altcoin has plummeted and hit the projected price level. The altcoin has reached the oversold level and may increase.

Technical indicators:  

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

Polkadot (DOT) Indicator Analysis 

On August 5, the altcoin is recovering as it dropped sharply and pulled back from the $3.61 low. There is a long candlestick tail after the pullback on August 5. It indicates strong buying pressure at the $3.61 support.  The decline has subsided and the price movement is limited by the Doji candlesticks.

What Is the Next Direction for Polkadot (DOT)?

Polkadot’s price reaches the oversold region of the market as it reverses at $4.00. The altcoin is now between $4.00 and $5.10 price levels. DOT price is falling as it revisits the current support at $4.00.  The altcoin is expected to reverse after hitting the current support at $4.00. The crypto signal is range range-bound as it reaches bearish exhaustion.

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