Polkadot Consolidates above the $20 Support but Risks Selling Pressure

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot’s (DOT) price is in an upward move but it risks selling pressure. The bulls break the resistance at $20 and the 21-day line moving average. The bullish momentum was repelled at the 50-day line moving average. As a result, DOT price is likely to fluctuate between the 21-day line moving average and the 50-day line moving average. On the upside, if the bulls break the 50-day line moving average, the market will rise to $30 high. Similarly, if the bears break below the 21-day line moving average, the altcoin will decline and resume downward correction.

Polkadot Consolidates above the $20 Support but Risks Selling Pressure
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is at level 40 of the Relative Strength Index for period 14. The cryptocurrency is in a downtrend zone and below the centerline 50. The crypto’s price is above the 21-day line moving average but below the 50-day line moving average. This indicates that prices will fluctuate between the moving averages for a few days.

Polkadot (DOT) Medium-term Trend: Bullish
On the 4- hour chart, Polkadot has resumed an upward move. DOT’s price has been making higher highs and higher lows. The current uptrend has been terminated at the $23 high. The altcoin is consolidating above the $20 support for a possible upward move.

Polkadot Consolidates above the $20 Support but Risks Selling Pressure
DOT/USD – 4 hour Chart

4-hour Chart Indicators Reading
DOT price is below the 20% area of the daily stochastic. The market has fallen to the oversold region. Buyers will emerge to push prices upward. In other words, selling pressure is likely to ease as the altcoin falls to the low of $20. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Polkadot (DOT)
DOT/USD will resume upward as the market reaches the oversold region but risks selling pressure. The selling pressure is unlikely in the oversold region. Rather, buyers will emerge to take control of prices.


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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.