Polkadot price broke the USD 6 – USD 6.8 support zone in a bearish manner. Will the DOT price drop to around $4?
In the last Polkadot price forecast , which is already a month ago, we wrote: “The Polkadot price has returned to the low for the year at around USD 6 and has slightly surpassed it to form a deeper low. The DOT price is now in the middle of the support zone between USD 6 and USD 6.8, whereas the day before yesterday the DOT price was bearishly rejected at the upper end of the support zone.
If the Polkadot course bearishly breaks the support between USD 6 and USD 6.8, significant support will wait for the DOT course again between USD 3.5 and USD 4.2.”
The Polkadot price established a death cross on the daily chart, confirming the bearish trend in the short to medium term. In addition, the DOT price broke the support between USD 6 and USD 6.8 bearishly, which means that the DOT price could now correct to the next support between USD 3.5 and USD 4.2.
Furthermore, the RSI is moving up while the DOT price is moving down.
In the 4H chart, the death cross was briefly negated, but a few days ago a death cross re-established itself. Thus, the trend remains bearishly confirmed in the short term. In addition, the histogram of the MACDs is ticking bearishly lower here and the MACD lines are crossed bearishly.
The weekly RSI shows a bullish divergence, after which the Polkadot price could soon bounce off sharply to the upside. In addition, the MACD lines in the weekly chart are still bullishly crossed.
The MACD histogram, on the other hand, is ticking bearishly lower. If the RSI breaks the bullish divergence trendline, Polkadot might first return to the $3.5-$4.2 support before the DOT price bounces higher.
The previous support zone between USD 6 and USD 6.8 now serves as significant resistance.
In the medium term, the Polkadot course could move to the support zone between USD 3.5 and USD 4.2, because only there will Polkadot find the next significant support.
Against BTC, Polkadot price was previously rejected in a bearish manner at the golden ratio resistance around 0.000425 BTC. As a result, Polkadot has now also been bearishly rejected at the 0.382 Fib resistance at around 0.000359 BTC.
Polkadot is currently still at horizontal support at around 0.000325 BTC. If Polkadot breaks this, significant support on the DOT course waits between 0.000255 BTC and 0.000272 BTC.
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