Polkadot Slumps as It Revisits the $3.61 Low

Polkadot (DOT) Price Long-term Trend: Bearish

Polkadot (DOT) price begins to fall below the critical support as it revisits the $3.61 low. Following a two-month sideways trend, the present support at $4.00 and $3.90 has been broken. Previously, the altcoin’s price ranged between $4.00 and $5.00. Since October 25, the price range has been reduced to the $4.00 support level and below the moving average lines.

DOT’s pricing has continued its downward trend at the bottom of the chart. Today, the altcoin has fallen to the low of $3.66.On the downside, the altcoin is projected to revisit its low of $3.61.

Technical indicators:

 Key Resistance Levels: $10, $12, $14
 Key Support Levels: $5, $3, $1

Polkadot Indicator Analysis 

The moving average lines are horizontal, with a bearish crossover. The 21-day SMA is lower than the 50-day SMA, indicating that the cryptocurrency will continue to decrease. The Doji candlestick has caused price bars to consolidate below the moving average lines.

General Outlook for Polkadot (DOT)

Polkadot has fallen to the support levels at $4.00 and $3.90 as it revisits the $3.61 low. The cryptocurrency fell as low as $3.66 before recovering. It is correcting upwards towards the next hurdle, or the 21-day SMA. If buyers break through the 21-day SMA, the cryptocurrency will recover. The cryptocurrency will keep falling if it is rejected at the most recent high. A negative cryptocurrency signal is indicated by the bears’ violation of a crucial support level at $4.00.

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