Polkadot (DOT) Declines as Bulls Fail to overcome $30 high

Azeez Mustapha
11 September 2021 | Updated: 11 September 2021

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

Polkadot (DOT) Price Long-term Trend: Bullish
Following the recent breakdown, Polkadot corrected upward to $32.66. At the recent high, the altcoin faced another rejection. This caused the altcoin to fall to the low of $28.13. From the price action, the selling pressure is likely to continue on the downside.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is at level 52 of the Relative Strength Index period 14. It indicates that the altcoin is in the uptrend zone and capable of rising on the upside. The 21-day and 50-day SMAs are sloping upward indicating the trend. The crypto’s prices are below the 21-day and 50-day SMAs which suggest a possible fall.

Polkadot (DOT) Medium-term Trend: Bearish
On the 1-hour chart, Polkadot is a downward move. The selling pressure resumes after the coin was repelled at level $32. Meanwhile, on September 10 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the DOT price will fall to level 2.618 Fibonacci extension or level $25.83.

DOT/USD – 4 Hour Chart

1-hour Chart Indicators Reading
Polkadot is above the 25% range of the daily stochastic. The coin is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Polkadot (DOT)
Polkadot is in a downward move. Buyers are attempting to push the price upward but are facing another rejection at $30. If the altcoin faces rejection the market will reach the low of $25. Otherwise, the coin will range-bound between $25 and $30

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Azeez Mustapha

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.