Polkadot (DOT) Fluctuates in a Tight Range, Poises for a Price Rebound

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price has been in a downtrend as it poises for a price rebound. The selling pressure has subsided as price reaches the low of $23 . Today, cryptocurrency has resumed a sideways trend. Buyers have made frantic efforts to push DOT prices to the previous highs. The upward correction has been facing rejection at the $32 high. The recent rejection was at the $30 high where price fell to the low of $24 low. DOT/USD has been fluctuating above $24 and $25 price levels. . Polkadot will resume up trending if price breaks above the $32 resistance and the bullish momentum is sustained. The current support has been holding since December 4.

Daily Chart Indicators Reading:
The crypto’s price is below the moving averages which implies that the altcoin is likely to fall. The altcoin has fallen to level 38 of the Relative Strength Index for period 14. The market is in the downtrend zone but it is approaching the oversold region of the market.


Polkadot (DOT) Medium-term Trend: Bullish
The altcoin is in a downward move. Meanwhile, on November 28 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOT price will fall to level 1.272 Fibonacci extensions or $25.88. DOT price is hovering above the Fibonacci extension.

4-hour Chart Indicators Reading
The crypto is below the 20% area of the daily stochastic. It indicates the altcoin has reached the oversold region of the market. Selling pressure is likely to end. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Polkadot (DOT)
DOT/USD downward move has subsided as it poises for a price rebound. The crypto has resumed consolidation above the $24 support. DOT/USD will be out of downward correction if price breaks above the $32 resistance and the bullish momentum is sustained. Otherwise, the altcoin will be fluctuating between $24 and $32.

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