Today Polkadot (DOT) fell below the moving averages as the altcoin continues its downward correction. On February 28, the altcoin rallied to a high of $19, but the bullish momentum could not be sustained.
Currently, Polkadot is falling to the previous low of $16. The market has been fluctuating between $16 and $20 since the January 22 plunge. Buyers have been defending this key support of $16 since January 22. DOT has retreated to the low of $17. On the upside, a rally above the moving averages is expected if the price rises above the current support, but the altcoin will face a strong resistance at $22.
Polkadot Indikator Analyse
The cryptocurrency is at level 43 of the Relative Strength Index for the period 14. DOT is in the downward zone as the price falls below the moving averages. The cryptocurrency’s price is now completely below the moving averages, which makes the altcoin vulnerable to a decline. The Polkadot is below the 80% area of the daily stochastic. This means that the market is in a bearish momentum.
Technesch Indikatiounen:
Grouss Resistenzniveauen - $ 52 an $ 56
Major Support Levels - $ 28 an $ 24
Wat ass déi nächst Richtung fir Polkadot?
DOT/USD has resumed its downward movement after rejecting the high at $19. Polkadot has fallen below the moving averages to resume selling pressure. Meanwhile, the downtrend from January 24 has shown a retraced candlestick testing the 78.6% Fibonacci retracement level. The retracement suggests that DOT will fall to the 1.272 Fibonacci extension level or the $11.57 level. The price action shows that the altcoin consolidated above $16 after testing the low of $14.07.
Verzichterklärung. Dës Analyse an d'Prognose sinn d'perséinlech Meenungen vum Autor a si keng Empfehlung fir Krypto Währung ze kafen oder ze verkafen an däerfen net als Ënnerstëtzung vun CoinIdol ugesi ginn. D'Lieser sollen hir Recherche maachen ier se Fongen investéieren.
Source: https://coinidol.com/polkadot-support-16/