Polkadot Consolidates Above $18 Low as Bulls Fail To Overcome $20 High

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price is in a downtrend as bulls fail to overcome $20 high. On April 21, DOT price corrected upward but was repelled at the $19 high. . On April 3, Polkadot rallied to the high of $23 but the bulls could not sustain the uptrend, hence the downward correction. Today, the altcoin is trading above the $18 support at the time of writing. The $18 price level is the resistance level of March 13. In the last 48 hours, the market has been holding above the current support. On the downside, the altcoin will revisit the previous low if the selling pressure persists. On the other hand, the coin is likely to fluctuate between $17 and $20 price levels if the current support holds.

Polkadot Consolidates Above $18 Low as Bulls Fail To Overcome $20 High
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is at level 44 of the Relative Strength Index for period 14. It indicates that the altcoin is in the downtrend zone and capable of falling to the downside. The crypto’s price bars are below the moving averages indicating that the altcoin can fall to the downside.

Polkadot (DOT) Medium-term Trend: Bearish
Polkadot is in a downward move as price breaks below the moving averages. The altcoin has continued to fall as it faces another rejection at the $19.50 high. The coin fell above the $18 low and resumes consolidation above it.

 Polkadot Consolidates Above $18 Low as Bulls Fail To Overcome $20 High
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
DOT price is below the 20% range of the daily stochastic. The altcoin has reached the oversold region of the market. Buyers will emerge to push prices upward

General Outlook for Polkadot (DOT)
Polkadot has fallen to the oversold region of the market as bulls fail to overcome $20 high. The selling pressure has reached bearish exhaustion. The altcoin is consolidating above the $18 support for a possible upward move.

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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.