Polkadot is under Pressure; will DOT/USDT Hold above $40?

Polkadot is under Pressure; will DOT/USDT Hold above $40?

• The highly anticipated Polkadot Slot Auction is now live. Projects seeking funds through crowd loans would draw demand for DOT.
Past Performance of DOT
Despite the #Polkadot slot auction fundamentals and how competitive it is, Polkadot prices are under pressure.
DOT is sliding lower. Buyers aren’t able to rewind losses of last week, keeping prices at around H1 2021 highs.
Still, the DOT/USDT bullish breakout pattern is valid if prices don’t fall below $40.
What to Expect of Polkadot
Overall, the path of least resistance is northwards.
All the same, this outlook is valid only if prices are above $45—in a retest.
Ideally, a complete reversal of November 10 losses above the 20-day moving average might help lift DOTUSDT to November 2021 highs of $55 in a buy trend continuation pattern.
If sellers are in command, losses below $40 in confirmation of the November 10 pullback might see the coin drop to $35—or lower.
Polkadot Technical Analysis
The #DOT coin is under pressure reading from price action in the daily chart .
Although buyers are upbeat, deeper contractions confirming sellers of November 10 might see the coin sink below the critical support at $40.
In return, this may trigger a sell-off heaping more pressure on DOT, forcing the coin towards $30.
Even so, a relief rally above $55 might see DOT/USD swing higher to $75—or better in the sessions to come.
Resistance level to watch out: $55
Support level to watch out: $40
Disclaimer: Opinions expressed are not investment advice. Do your research.