Polkadot Is in a Decline but Hovers Above the $5.34 Low

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) price is falling but hovers above the $5.34 low. The current fall is a sign that a downtrend has resumed. It is expected that the range-bound levels between $5.34 and $6.17 will be broken. On November 22, sellers broke through the $5.34 support, but bulls picked up the slack. The cryptocurrency was driven back into the range-bound region by buyers. The bears are applying selling pressure to drive the crypto’s value lower. Buyers attempted to move up at the $5.50 high but were rejected. Polkadot will nevertheless fall considerably farther if the current support is broken, to the $4.80 low. If the altcoin retests the $4.80 support, it will either rebound or reverse.

Polkadot Is in a Decline but Hovers Above the $5.34 Low
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 37 on the Relative Strength Index for period 14. The altcoin is losing value as it encounters resistance at $5.50. The moving average lines are below the price bars, which guarantees that the price of the cryptocurrency will continue to fall. The moving average lines are pointing downward suggesting a deterioration.

Polkadot (DOT) Medium-term Trend: Bearish
Polkadot has resumed new selling pressure on the 4-hour chart. Although they failed to break the 50-day line SMA, buyers managed to keep the price above the 21-day line moving average. The altcoin will fall and return to the $4.98 support level.

Polkadot Is in a Decline but Hovers Above the $5.34 Low
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
The daily Stochastic is below level 20, and the altcoin is descending. The implied conclusion is that the oversold area of the market has restarted. Bearish weariness has been achieved with the selling pressure. The moving average lines are below the price bars, signaling a further decrease.

General Outlook for Polkadot (DOT)
The price of the cryptocurrency has broken through the present level of support but hovers above the $5.34 low. After the currency reaches its low of $4.80, the price indication has shown a potential reversal.


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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.