Polkadot (DOT) after consolidating for two days fell sharply on Monday. Sellers remain in control of the trend from the highs of $55.00 made on November 4 and lost more than 50%. The upside rally that begin on January 10 took a breather on Monday.
- Polkadot (Dot) extend losses on Monday with more than a 4% fall.
- Support confluence zone on the verge of a breakdown.
- Below 200-EMA, sellers remain in control of the price action.
Bulls losing grip below 200-EMA
Polkadot (DOT) price facing very strong resistance near the descending trend line from the 2021 highs made on November 4 at $55.00. Buyers could not find any buying opportunities once the price break the level of $50.33. The downside in the price seeks short-term support around $23.0. After testing 200-EMA(Exponential Moving Average) DOT again fell towards the lower levels.
The daily Relative Strength Index (RSI) reads at 47, which signals a continuation of the downside. Furthermore, the MACD (Moving Average Convergence Divergence) trades below the midline with a neutral stance. The volumes also declined by 11.53% in the past 24-hours. On balance volume (OBV) indicator consolidates indicating the downside is capped near the lower levels around $23.0.
On the flip side, if the price drops below the close of January 11 at $23.52 then bears will attack the $22.0 level. The levels were last seen in July.
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