Polkadot Declines as It Revisits the $5.34 Support

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Key Resistance Levels: $60, $62, $64
Key Support Levels: $40, $38,$36

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) is in a downtrend as it revisits the $5.34 support. Currently, the DOT price is heading below the moving average lines. During the previous price movement, DOT/USD traded above the moving average lines. At $7.10, purchasers were unable to overcome the resistance. They encountered two obstacles at the $7.10 resistance before the drop. The altcoin has gone below its previous low of $5.65 on the downside. The current DOT price ranges from $5.30 to $6.40. The downward trend will get up again if the existing support is broken. Polkadot will resume its bullish trend if the price rises above the moving average lines or the $6.40 barrier mark.

Polkadot Declines as It Revisits the $5.34 Support
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
For period 14, the DOT price is at level 41 on the Relative Strength Index. The altcoin is in a declining area and may drop further. If the price bars are lower than the moving average lines, Polkadot could drop. The slope of the moving average lines indicates a decline. The altcoin daily Stochastic is below level 20. It implies that Polkadot has reached the peak of its bearishness.


Polkadot (DOT) Medium-term Trend: Bearish
On the 4-hour Chart, the DOT price is moving sideways after falling beyond the $5.33 support level. Price ranges between $5.33 and $6.15 are now in effect. When the levels are crossed, the altcoin will trend.

Polkadot Declines as It Revisits the $5.34 Support
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
The daily stochastic level of 20 is not being met by DOT. The altcoin is oversold because buyers are anticipated in the oversold area. The horizontal sloping of the moving average lines indicates the present sideways movement.

General Outlook for Polkadot (DOT)
Polkadot is currently in a decline as it revisits the $5.34 support
. On November 9, amid the decline, the DOT price turned upward, and a candle body tested the 78.6% Fibonacci retracement level. The correction predicts that the cost of DOT will decrease to level 1.272 in the Fibonacci sequence, or $4.68.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.