Polkadot Declines as It Faces Selling Pressure at $10.74
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price declines as it faces selling pressure at $10.74. The cryptocurrency could have rallied to the 50-day line SMA if the bulls were successful. DOT price has declined below the moving averages indicating a further downward movement of the coin. It is trading at $9.91 at the time of writing Polkadot may revisit the previous low at $7.18. Also, if the $8 support holds and the altcoin rebounds, DOT’s price will rally above the $12 resistance. However, the selling pressure may resume if the bullish scenario is invalidated.
Polkadot (DOT) Indicator Analysis
DOT price is at level 42 of the Relative Strength Index for period 14. It is in the bearish trend zone as the selling pressure resumes. DOT 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 it faces selling pressure at $10.74. 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 $4.95.
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