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Polkadot DOT Can Slip Below Its Daily Support Level

Short
POLONIEX:DOTUSD   Polkadot / US Dollar (calculated by TradingView)
The weekly technical chart of Polkadot highlights a positive trend built by the coin. We can see a sudden spike in price movements on Thursday's trading session. The price is currently sitting at $9.96, with the resistance zone placed at $10.11 with the following support zone of $9.85. The price is testing the support trajectory. One can see a bullish trend soon if the price reaches above its resistance zone .

Meanwhile, the Relative Strength Index ( RSI ) with a value of 49 indicates that the coin is performing downward and forms a descending parallel channel on the index.

The Moving Average Convergence Divergence ( MACD ) had a bearish crossover signal line on January 7, 2021, indicating a potential of negative retracement in the coin. The histogram also started to form red bars after the crossover.

The Schaff Trend Cycle ( STC ) indicator shows a selling signal for the coin with the value of 16, stipulating Polkadot can fall below its given support and soon be in an oversold region.
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