Polkadot (DOT) Reaches $33 Support as the Altcoin Rebounds

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price fell to the low of $33.60 and pulled back. The cryptocurrency is deeply in the oversold region. Polkadot is testing the historical price level of October 11. Today, the price action is indicating a long candlestick tail. The long candlestick tail indicates that the $33 support is a strong buying pressure. The altcoin is expected to rise above the current support.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 36 of the Relative Strength Index for period 14. DOT price is still in the downtrend zone and below the centerline 50. It is approaching the oversold region. The crypto’s prices are below the 21-day line and the 50-day line moving averages which indicate the downtrend.

Polkadot (DOT) Medium-term Trend: Bearish
DOT/USD is still in a downward move. DOT price has fallen to the low of $34 and pulled back. Meanwhile, on November 17 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 $32.82.

DOT/USD – 4 hour

4-hour Chart Indicators Reading
DOT price is below the 20% range of the daily stochastic. The altcoin is trading in the oversold region. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Polkadot (DOT)
Polkadot’s (DOT) has reached bearish exhaustion because of the indication of a long candlestick tail. Also, there is price rejection above the $34 support. The $34 support is a strong buying zone.


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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.