Polkadot (DOT) Price Slips Lower, a Break below $26.0 is on the cards

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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Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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