Following a powerful bullish run to the excessive $48, Polkadot (DOT) plunged to $16 low. The bulls purchased the dips as the worth corrected upward.
Polkadot (DOT) Value Lengthy-Time period Evaluation: Bullish
The uptrend was terminated at a excessive of $32. However as bulls fail to maintain DOT value above $32 excessive, the altcoin is more likely to fall and revisit the earlier low. On the earlier low, the worth motion is characterised by candlesticks with lengthy tails. The lengthy candlestick tails recommend that there’s sturdy shopping for strain above $16 assist.
On the draw back, Polkadot is more likely to retrace to the earlier low.
Nonetheless, if the earlier low holds, DOT value is more likely to be range-bound between $16 and $32. Within the meantime, the altcoin is retracing to the earlier low at $16. If the present assist holds, the altcoin is more likely to be range-bound. Nevertheless, the promoting strain will resume if the assist is breached.
Polkadot (DOT) Indicator Evaluation
DOT value has fallen to stage 38 of the Relative Energy Index interval 14. It signifies that the market is approaching the overbought area. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways transfer.
Main Resistance Ranges – $48 and $52
Main Help Ranges – $32 and $28
What Is the Subsequent Route for Polkadot (DOT)?
The altcoin has resumed downward after retesting the $32 excessive. Nonetheless, on Might 19 downtrend; a retraced candle physique examined the 50% Fibonacci retracement stage. The retracement signifies that DOT will fall to stage 2.0 Fibonacci extension. The altcoin is in a downward transfer to the earlier low at $16.
Disclaimer. This evaluation and forecast are the private opinions of the writer and should not a advice to purchase or promote cryptocurrency and shouldn’t be seen as an endorsement by CoinIdol. Readers ought to do their analysis earlier than investing funds.