Polkadot (Dot) Consolidates Above $15 as Sellers Threaten to Short

Azeez Mustapha



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

Polka dot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) is still in a downward correction. Today, the bears push DOT price to the low of $14.80 as bulls buy the dips. The upward move was short-lived as bulls were rejected twice at the $15.40 high. As a result of the rejection, the selling pressure has resumed to the downside. Nonetheless, if buyers had pushed the DOT price above $17 and the bullish momentum is sustained, the market would have risen to $21.50 high. The upward move has been repelled. However, if buyers are repelled at the recent high, DOT price is likely to fall to breach the $13 support.

DO/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 40 of the Relative Strength Index period 14. It indicates that crypto is in the downtrend zone and below the centerline 50. The 21-day and the 50-day SMA are sloping southward indicating the downtrend. The price bars are below the 21-day and the 50-day SMA which suggests further downside.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4 hour chart, the altcoin is in a downward correction. The rejection at the $17.50 resistance made the altcoin fall to the previous low. On July 9 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 level $14.07 and reverse. The crypto will reverse to 78.6% Fibonacci retracement level where it originated.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The crypto is below the 20% range of the daily stochastic. It indicates that price has fallen to the oversold region. Buyers are expected to take control of price. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Polkadot (DOT)
The market has reached bearish exhaustion as the altcoin may reverse. The crypto has been in a downward correction since June 22. According to the Fibonacci tool, the market will reverse at level 1.272 Fibonacci extensions or level $14.07.

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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.

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