Polkadot Consolidates above $17 Support as Buyers and Sellers Reach Indecision

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Key Resistance Levels: $60, $62, $64
Key Support Levels: $40,$38,$36

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price is at the bottom of the chart as buyers and sellers reach indecision. After the January 22 price slump, the cryptocurrency has been consolidating above the $17 support. DOT price action is characterized and dominated by small body indecisive candlesticks called Doji and Spinning tops. Today, the DOT price is $17 but consolidating above current support. The price movement is likely to be insignificant because of the presence of Doji candlesticks. DOT/USD pair is likely to be range-bound for a few days.

Polkadot Consolidates above $17 Support as Buyers and Sellers Reach Indecision
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto’s price is at level 30 of the Relative Strength Index for period 14. That is, it has reached the oversold region. The selling pressure is likely to reach bearish exhaustion. Buyers are expected to emerge.


Polkadot (DOT) Medium-term Trend: Bearish
Polkadot has been in a downtrend and the downward move has reached bearish exhaustion. Presently, the selling pressure has subsided s the market resumed its range-bound move. Meanwhile, on December 20 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOT price will fall to level 1.272 Fibonacci extensions or $14.74.

Polkadot Consolidates above $17 Support as Buyers and Sellers Reach Indecision
DOT/USD -Daily Chart

4-hour Chart Indicators Reading
Polkadot is below the 20% area of the daily stochastic. It is trading in the oversold region of the market. The stochastic bands are sloping horizontally indicating the price action. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.


General Outlook for Polkadot (DOT)
DOT/USD has reached bearish exhaustion as buyers and sellers reach indecision. The cryptocurrency is consolidating above the current support. The altcoin has resumed a sideways trend.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.