Polkadot Continues Its Sideways Move but Faces Rejection at $6.40
Login

Polkadot Continues Its Sideways Move but Faces Rejection at $6.40

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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.

You can purchase crypto coins here: Buy LBLOCK


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News