Polkadot Continues Its Slide Below $2.20

Polkadot (DOT) Price Long-term Trend: Bearish

Polkadot’s (DOT) price continues its slide below $2.20 as bears break below the lower price range. Since November 4, the crypto asset has traded above the $2.50 support level and below the moving average lines. Today, the DOT price has dropped to a low of $2.28. Today, the altcoin is correcting higher towards its $2.50 high. If purchasers keep the price above $2.50, the DOT price will resume its upward trend. It will rise and test the 21-day SMA barrier.

However, if the cryptocurrency price falls from its recent high, selling pressure will remain on the downside. According to the price indication, DOT will decrease but then reverse at the 1.272 Fibonacci extension, or $0.99 low. The DOT price is now trading at $2.34 as of this writing.

Technical indicators:

Key Resistance Levels: $10, $12, $14
Key Support Levels: $5, $3, $1

Polkadot Indicator Analysis

The moving average lines are sloping lower, with the 21-day SMA below the 50-day SMA, indicating a downtrend. On October 10, a lengthy candlestick tail suggests significant buying pressure at the bottom of the chart. On the 4-hour chart, the downward-sloping moving average lines have shifted sideways above the $2.20 support.

General Outlook for Polkadot (DOT)

Polkadot is trading below the moving average lines but continues its slide below $2.20. A Doji candlestick has formed, indicating that the cryptocurrency price is consolidating above the $2.20 support level. Doji candlesticks reflect traders who are uncertain about their next move. Meanwhile, the cryptocurrency signal is negative, according to the price projection.

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