Polkadot (DOT) Declines, Faces Rejection at $38 Resistance


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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price is in a downward move as the altcoin declines to the oversold region of the market. As the altcoin fell to the low of $32, the bulls bought the dips. The upward correction terminated at the high of $38. DOT/USD is now in a downward correction as price fluctuates between $32 and $38. DOT price will resume upward if price breaks above the $38 high or above the moving averages. On the other hand, the selling pressure will resume, if price breaks below the $32 support.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The cryptocurrency is at level 41 of the Relative Strength Index period 14. The altcoin is in the downtrend zone and below the centerline 50. It is falling while trading in the downtrend zone. The crypto’s price bars are below the moving average which indicates a further downward move.

Polkadot (DOT) Medium-term Trend: Bearish
Polkadot has reached bearish exhaustion as it fluctuates between $32 and $38. Meanwhile, on November 18 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOT price will fall but reverse at level 1.272 Fibonacci extensions or $32.50.

DOT/USD – 4 hour

4-hour Chart Indicators Reading
The crypto is above the 30% area of the daily stochastic indicating a bullish momentum. The altcoin has a bearish crossover. That is, the 21-day SMA crosses below the 50-day SMA indicating a sell signal.

General Outlook for Polkadot (DOT)
Polkadot’s (DOT) has rebounded above the $32.50 support. The candlestick is displaying a long tail pointing to the current support. The long tail indicates that the current support is a strong buying pressure. Besides, the market has fallen below the 20% range of the daily stochastic.

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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.