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Key Resistance Levels: $10, $12,$14
Key Support Levels: $5, $3,$1
Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price breaks below the previous low as it halts above $3.72. For the past month, the $3.91 prior low has remained stable. The bears extended the drop to a low of $3.72 after breaking the previous low. The price signal predicted a potential decline and reversal at the level of the Fibonacci extension of 1.272, or $3.80.
The market is oversold, thus additional declines in the value of the DOT/USD are improbable. The current support level, which has held for the last 48 hours, was $3.76; however, the bears have broken through it. This will further reduce the value of the cryptocurrency to lower price points.
More customers will become interested when the price of Polkadot falls.
Daily Chart Indicators Reading:
Following its rejection of the 50-day SMA, Polkadot has resumed its selling pressure. The altcoin dropped below the moving average lines as a result of the harsh rejection. The moving average lines are currently above the price bars, which has hastened the decline of the cryptocurrency.
If the market hits the oversold area of the market, the selling pressure will stop.
General Outlook for Polkadot (DOT)
Polkadot resumes its selling campaign after the $3.91 support as it halts above $3.72. The current slide is likely to halt because of the market’s oversold condition. The decline has halted above the $3.72 support. The coin will rise if the existing support holds.
There will be resistance to the upward momentum at the $4.00 high.
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