Polkadot (DOT) Long-Term Analysis: DOT

price is in a downside correction as the altcoin risks falling further. The cryptocurrency fell to the $17 low as the bulls bought the dip. Since April 5, the altcoin has pulled back from the $23 resistance level. The bulls could maintain the upside momentum above the $23 high

What is the next price direction for Polkadot (DOT)? DOT/USD is on a downside move as the altcoin risks falling further. DOT price breaks below the moving averages to reach the $17 low. Currently, the altcoin is trading above the $17 support. Meanwhile, on April 11 in full bearish trend; a candlestick body tested the 65.3% Fibonacci retracement level. The retracement suggests that DOT will drop to the 1.272 Fibonacci extension level or the $25.19 level. Today, the cryptocurrency remains above the $17 support as the altcoin makes an upward correction. On the upside, if the current support holds, the altcoin will be range bound between $17 and $23. Conversely, if the bears break below the $17 support,

Polkadot (DOT) Indicator Analysis The altcoin DOT has dropped to level 38 of the Relative Strength Index for the 14 period. The cryptocurrency is now in the downtrend zone and is approaching the oversold region. The price of the cryptocurrency is below the moving averages and pivots, which indicates a possible downward movement of the cryptocurrency. The altcoin is below the 40% range of the daily stochastic. The market is in bearish momentum. The 50-day SMA line and the 10-day SMA line have a downward slope indicating a downtrend. Technical Indicators: Major Resistance Levels: $48, $52, $56 Major Support Levels: $32, $28, $24

What is the next address for Polkadot (DOT)? DOT/USD is on a downside move as the altcoin risks falling further. DOT price breaks below the moving averages to reach the $17 low. The altcoin is currently fluctuating above the $17 support. Meanwhile, April 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The pullback suggests that DOT will drop to the 1.272 Fibonacci extension level or the $16.19 level. Will there be more sustainable rallies beyond the $24 resistance level as crypto price looks to break at that point? In the Short term a sell order can be placed against the current upward momentum as the crypto price is targeting resistance at $22. However, entering new orders around the value line could be a late order of positions. And that can result in getting caught by bears in no time. Open long positions below the point at the $18 psychological trading line can allow for a time with trailing profits if not protected with an appropriate StopLoss and a prudent stop loss should the price turn against our analysis.

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