Polkadot Reaches Oversold Region as It Consolidates Above the $5.77 Low
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot (DOT) price is falling below the moving average lines as it consolidates above the $5.77 low. Since February, the cryptocurrency asset has traded in a narrow range. The price of the altcoin fluctuates between $5.50 and $7.00. The decline has slowed as it consolidates above the $5.77 low on April 21. Doji candlesticks have caused the price movement to remain unchanged. The oversold area of the market has been reached. It’s conceivable that the selling pressure will lessen.
Polkadot (DOT) Indicator Analysis
Polkadot is at level 39 on the Relative Strength Index for period 14. The altcoin has reached the bearish trend zone. The bearish trend zone is anticipated to continue moving downward. The horizontal tilting of the moving average lines indicates a sideways trend. The price bars have been below the moving average due to the recent downturn, which has caused them to continue falling. The oversold region has been reached as the altcoin trades above level 25 on the daily Stochastic.
Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4
What Is the Next Direction for Polkadot (DOT)?
Since February, Polkadot has continued to trade within a small range as it consolidates above the $5.77 low. It is currently at a low of $5.77. As the altcoin consolidates above the existing support, a further decline of the coin is improbable. A price rebound will propel the coin above the moving average lines to the upside.
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