Polkadot (DOT) Declines to the Downside, Faces Rejection at $55

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot’s (DOT) price is in a downward move after its rejection from the high of $55. The new peak price was achieved after a rebound above the 21-day moving average. The rebound breaks through the $46 resistance level. The $46 resistance has been obstructing price movement for two weeks. DOT price rallied to $55 high. The current retracement is caused by the overbought condition of the cryptocurrency. The current decline will extend to the low of $49 or the breakout level of $46. The bullish momentum will resume if price finds support above the $46 or $49 price level.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The altcoin reached the overbought region but has fallen to level 66 of the Relative Strength Index for period 14. DOT price is in the bullish trend zone and capable of a further upward move.
The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

Polkadot (DOT) Medium-term Trend: Bullish
On the 2- hour chart, the altcoin is in a downward move. The crypto is falling after rejection from $55. Meanwhile, on November 4 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOT price will fall to level 2.0 Fibonacci extensions or $49.77.

DOT/USD – 2 hour Chart

2-hour Chart Indicators Reading
Presently, the market is below the 20% range of the daily stochastic. It has fallen to the oversold region. It implies that the selling pressure is reaching bearish exhaustion. The market is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Polkadot (DOT)
Polkadot’s (DOT) price is in a downward move. It has retraced from the peak price of $55 to $52. It is likely to resume upward as the altcoin falls to the oversold region of the market.


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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.