Polkadot Worth Evaluation: After an 8% every day decline, right here is the subsequent stage to contemplate for DOT – CryptoPotato

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Major support levels: $ 26

Key Resistance Level: $ 33

DOT had a fantastic rally last week when the price rose 40%. This week, however, DOT’s rally ended when the resistance at $ 33 prevented the price from moving higher. The correction continued today and the DOT has fallen below $ 30. The current support is at $ 26.

Chart according to TradingView

Technical indicators

Trading Volume: Sustained volume during both the uptrend and the current downtrend. This shows that market participants have had a lot of interest in DOT lately.

RSI: The daily RSI made a higher high during the rally, which is a strong bullish signal. However, after being rejected at $ 33, the RSI will decrease. This can change quickly as soon as DOT finds support.

MACD: The daily MACD is bullish but the histogram hits lower highs at $ 33 after being rejected. This is not a concern as long as the moving averages do not create a bearish crossover.

Chart according to TradingView

Bias

The current DOT preload is neutral.

Short term forecast for DOT price

DOT recovered very well last week after falling for over 40 days. It is important that the price return to the uptrend after this correction, otherwise the high at USD 33 could be interpreted as a lower high within a larger downtrend.

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Disclaimer: The information found on CryptoPotato is that of the cited authors. It does not represent CryptoPotato’s opinion on whether to buy, sell or hold investments. It is recommended that you do your own research before making any investment decisions. Use the information provided at your own risk. Please see Disclaimer for more information.

TradingView’s cryptocurrency charts.


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