Polkadot Reaches Oversold Region with a Potential Hold above $6.43

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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot (DOT) is in an upward correction as price breaks above the moving average lines with a potential hold above $6.43. The upward move was repelled at the high of $6.83. Today, the DOT price is retracing above the moving average lines. On the downside, if price breaks below the 50-day line SMA, the selling pressure will resume. The altcoin will fall and be confined between the moving average lines. Polkadot will trend when the moving average lines cross. For instance, DOT price would revisit the prior low at the $5.73 and $5.65 price levels if the bears’ breach below the 21-day line SMA. Conversely, if the DOT price retraces and holds above the moving average line, the upward move may resume.

Polkadot Reaches Oversold with a Potential Hold above $6.43
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
For period 14, the DOT price is at level 52 of the Relative Strength Index. As it surges to the prior highs, the altcoin is in the bullish trend zone. If the price bars are above the moving average lines, the DOT price may increase once more. The downward-sloping direction of the moving average lines indicate a decline.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4-hour Chart, the DOT price has broken below the moving average lines as it faces rejection at the recent high. Meanwhile, on October 31 downtrend; DOT price corrected upward and a candle body tested the 61.8 %Fibonacci retracement level. The correction implies that DOT will fall to level 1.618 Fibonacci extension or $6.43.

Polkadot Reaches Oversold with a Potential Hold above $6.43
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
Below the daily stochastic’s 20% band, DOT has a negative momentum. The oversold area of the market is where the cryptocurrency has sunk. Bearish weariness has been achieved with the selling pressure. The rising slope of the moving average lines indicate an uptrend, which corresponds to the prior trend.

General Outlook for Polkadot (DOT)
While Polkadot is on an upward correction, the moving average lines have been breached with a potential hold above $6.43. The $6.83 high is where the upswing is being rejected. Possible retracement of the coin above the moving average lines.

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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.