Polkadot Continues Its Sideways Move but Faces Rejection at $6.40

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Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4

DOT/USD Long-term Trend: Bearish
On September 21, Polkadot’s (DOT) price declined to the low of $5.98 as it faces rejection at $6.40. The current support is the previous low of July 13. As the selling pressure subsides, Polkadot has begun a sideways move. Presently, it is fluctuating between $6.00 and $8.00 price levels. Buyers have attempted to resume upward correction above the moving average lines but were restrained by the 21-day line SMA. The implication is that the altcoin may further decline below the current support. A break below the current support will cause the altcoin to reach the low of $4.00. Polkadot will continue its sideways move where the range-bound levels remain unbroken.

Polkadot Continues Its Sideways Move but Faces Rejection at $6.40
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is relatively stable at level 42 of the Relative Strength Index for period 14. For the past week, the altcoin has been in a range-bound move. Presently, the price bars are below the moving average lines which causes the altcoin to decline.

DOT/USD Medium-term bias: Bearish
On a 4- hour chart, the DOT price is in a sideways move but it is breaking above the moving average lines. The cryptocurrency may further decline as it trades in the overbought region. On September 19 downtrend, the altcoin made an upward correction and the candle body tested the 61.8%Fibonacci retracement level. The retracement suggests that DOT price will fall to level 1.618 Fibonacci extension level or $5.46.                    

Polkadot Continues Its Sideways Move but Faces Rejection at $6.40
DOT/USD – 4 Hour Chart                                      

  4 – Hour Indicator Chart                                                       The altcoin has risen above the 80% range of the daily stochastic. It implies that the market has reached the overbought region. The moving average lines are sloping horizontally because of the sideways move.

General Outlook for Polkadot
Polkadot has continued its sideways move as it faces rejection at $6.40. The altcoin has reached the oversold region and may attract buyers at lower levels of price.

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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.