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Technical Analysis for DOTUSDT for 19th November 2021

Polkadot Price Tethered at $40, DOT Hammered

Polkadot slot auctions are presently ongoing, coinciding with deep retracements of DOT's valuation. Thus far, Acala has won the first slot and will connect directly with the interoperable blockchain's Relay Chain.

Past Performance of DOT

There is optimism around Polkadot and DOT, with many anchoring their hopes on the project's fundamentals.

Even so, DOT prices have been hammered at spot rates.

Nonetheless, there could be hope for DOTUSDT if the bleed is plugged and bulls flow back, preventing losses below $40.

Should DOT bears take over, the coin could plunge to $35 and even $25 in short to medium term.

What to Expect of DOT

From the daily chart , there is a reprieve for DOT buyers.

Notably, prices are consolidating at $40 with hints of strength.

The primary resistance trend line , at the moment, holds.

A bounce back from the psychological level at $40 to above $45 reversing losses of November 16 may ignite demand.

If bears take over, DOTUSDT , as aforementioned, may post even deeper losses in the days ahead.

Polkadot Technical Analysis

The interoperable project for launching quality dApps might have solid fundamentals.

This is changing quickly in the daily chart as bears threaten to slow down buyers, forcing the coin lower below crucial support lines.

From the daily chart , the primary support is at $40, and bears are in control from an Effort-versus-Results perspective.

DOTUSDT prices are still trending inside the November 16 bear candlestick .

Losses below this mark may see DOT plunge towards $35, $25, and even $20, the 78.6 percent Fibonacci retracement level of the July to November 2021 trade range.

Resistance level to watch: $45

Support level to watch: $40

Disclaimer: Opinions expressed are not investment advice. Do your research.

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