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DOT Technical Analysis: A Great Trend Shift Awaits Consolidation Breakout

DOT Technical Analysis: A Great Trend Shift Awaits Consolidation Breakout

The DOT coin price shows a consolidation range in motion after the 60% correction and the breakout of which will cause a boom in trend. Polkadot underlies and describes the network infrastructure of a layer-1 blockchain which runs parallels to it. Hence, they are known as parachains, and Polkadot is known as a Layer-0 meta protocol.  Let us move ahead to read about the Polkadot technical analysis. Past Performance of DOT The DOT coin prices show a triple combo Elliot wave in action after the 60% impulse wave from November 8 to December 20 in the daily chart. The current consolidation range lasts between $23.75 and $34.15. However, the current price action shows increased selling pressure, as evident from the higher price rejection in daily candles.  Therefore, a bearish continuation is more likely after the triple combo wave completion.  DOT/USDT Daily Chart DOT Technical Analysis DOT/USDT Daily Chart The DOT coin price action shows the support zone $24 struggling to halt the falling prices. However, the fallout of the 38.20% Fibonacci Retracement level increases the selling pressure.  The crucial 50 and 200-day EMAs give a death cross in the daily chart and increase the likelihood of a bearish continuation. Moreover, the 200-day EMA provides dynamic resistance to bullish attempts in the past two weeks. The RSI indicator at 38% fails to sustain above the central line and the 14-day SMA in the daily chart. The slope spikes deeper into the nearly oversold zone, indicating a rise in underlying bearishness. The MACD indicator reflects a fall in the MACD line as it gives a bearish crossover with the signal line. Moreover, the bullish histograms are coming to an end as the bulls lose control. Therefore, the technical indicators showcase a tremendous rise in selling pressure in the DOT coin. That is why a bearish continuation below the support zone at $24 is most likely. Upcoming Trend The DOT coin price action showcases higher price rejection and a possible double-top fallout below $24. Therefore, we can see a downfall in the upcoming days below $24 as the selling pressure rises. The downfall can find support at 23.60% Fibonacci Retracement level at $20.  The price action denotes crucial support levels at $17.5 and $10. And, on the opposite end, the resistance levels are at $38 and $44.75.

The post DOT Technical Analysis: A Great Trend Shift Awaits Consolidation Breakout appeared first on Cryptoknowmics-Crypto News and Media Platform.

DOT Technical Analysis: A Great Trend Shift Awaits Consolidation Breakout

The DOT coin price shows a consolidation range in motion after the 60% correction and the breakout of which will cause a boom in trend. Polkadot underlies and describes the network infrastructure of a layer-1 blockchain which runs parallels to it. Hence, they are known as parachains, and Polkadot is known as a Layer-0 meta protocol.  Let us move ahead to read about the Polkadot technical analysis. Past Performance of DOT The DOT coin prices show a triple combo Elliot wave in action after the 60% impulse wave from November 8 to December 20 in the daily chart. The current consolidation range lasts between $23.75 and $34.15. However, the current price action shows increased selling pressure, as evident from the higher price rejection in daily candles.  Therefore, a bearish continuation is more likely after the triple combo wave completion.  DOT/USDT Daily Chart DOT Technical Analysis DOT/USDT Daily Chart The DOT coin price action shows the support zone $24 struggling to halt the falling prices. However, the fallout of the 38.20% Fibonacci Retracement level increases the selling pressure.  The crucial 50 and 200-day EMAs give a death cross in the daily chart and increase the likelihood of a bearish continuation. Moreover, the 200-day EMA provides dynamic resistance to bullish attempts in the past two weeks. The RSI indicator at 38% fails to sustain above the central line and the 14-day SMA in the daily chart. The slope spikes deeper into the nearly oversold zone, indicating a rise in underlying bearishness. The MACD indicator reflects a fall in the MACD line as it gives a bearish crossover with the signal line. Moreover, the bullish histograms are coming to an end as the bulls lose control. Therefore, the technical indicators showcase a tremendous rise in selling pressure in the DOT coin. That is why a bearish continuation below the support zone at $24 is most likely. Upcoming Trend The DOT coin price action showcases higher price rejection and a possible double-top fallout below $24. Therefore, we can see a downfall in the upcoming days below $24 as the selling pressure rises. The downfall can find support at 23.60% Fibonacci Retracement level at $20.  The price action denotes crucial support levels at $17.5 and $10. And, on the opposite end, the resistance levels are at $38 and $44.75.

The post DOT Technical Analysis: A Great Trend Shift Awaits Consolidation Breakout appeared first on Cryptoknowmics-Crypto News and Media Platform.

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Source: https://www.cryptoknowmics.com/news/dot-technical-analysis-a-great-trend-shift-awaits-consolidation-breakout/

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