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Polkadot can make a comeback once it finds itself at this support region

Polkadot can make a comeback once it finds itself at this support region

Polkadot has prolonged losses by 33% over the past two weeks, resulting from which its 4-hour MACD languished at a close to 6-month low. In the meantime, short-mid time period shifting common traces have failed to supply any pushbacks after DOT weakened beneath an extended serving higher trendline .

Ought to a recovering RSI now falter across the mid-line, DOT’s subsequent level of contact could be between $35-$33.2 help, from the place the introduction of latest longs may set off a much-needed comeback. On the time of writing, DOT traded at $39.8, down by 0.66% over the past 24 hours.

Polkadot 4-hour Chart

Supply: DOT/USD, TradingView

Bears have been relentless within the DOT market and quite a lot of help ranges have succumbed over the previous two weeks. Since flipping its backside trendline on 11 November, DOT maintained its southbound trajectory and slipped beneath the 200% and 161.8% Fibonacci ranges.

Whereas DOT did present some indicators of life on the 138.2% Fibonacci space, a number of uncertainties have been nonetheless current alongside the RSI and Superior Oscillator. Ought to broader market corrections proceed to dictate DOT’s motion, the following contact could be made at a help line of $35.27 and the 100% Fibonacci degree at $33.1. A deeper help space at $28.5 may very well be known as into motion if promoting strain doesn’t fizzle out over the approaching days.

In response to the Seen Vary profile, DOT may see an prolonged shuffle between $33-$35 as patrons and sellers struggle for market management. As soon as new longs outmaneuver promote strain, anticipate DOT to climb again above the highlighted Fibonacci areas and carve a path in the direction of the 400% Fibonacci Extension.

Reasoning 

Though DOT’s 4-hour RSI did reverse from oversold ranges, the index nonetheless traded in bearish territory and lent help to sellers. The MACD didn’t present any dependable indicators of a reversal after slipping to a close to 6-month low. Then again, a doable triple backside setup on the Superior Oscillator did induce some optimism however not earlier than just a few extra losses grip the market.

Conclusion 

Polkadot may prolong losses in the direction of the 100% Fibonacci degree resulting from weak positions on the RSI, MACD and Superior Oscillator. From there, anticipate DOT to commerce sideways between $33-$35 earlier than reversing trajectory.

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