Polkadot (DOT) Declines as Buyers Fail to Sustain Above $34 High

24 September 2021 | Updated: 24 September 2021

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 a downward move. The altcoin is falling as it faces rejection from the $33.60 high. In the previous price action, Polkadot was in an impressive bullish run as it reached the $34 resistance zone. Buyers retested the resistance zone twice before they were repelled. The crypto is now fluctuating between the 21-day SMA and the 50-day SMA. If the bears break below the 50-day SMA, the selling pressure will resume.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is at level 52 of the Relative Strength Index period 14. The coin is in the uptrend zone and above the centerline 50. If price breaks below the support line, the selling pressure will resume.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4-hour chart, Polkadot is a downward move. The altcoin has broken below the moving averages. This will accelerate the downward move. Meanwhile, on September 23 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the DOT price will rise and reverse at level 1.272 Fibonacci extension or level $34.03. The altcoin did not reach the Fibonacci extension but reverse at level $33.60.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOT price is below the 21-day SMA and the 50-day SMA suggesting a further downward move. The altcoin is below the 80% range of the daily stochastic. It indicates that the market is in a bearish momentum.

General Outlook for Polkadot (DOT)
Polkadot is in a downward move. Buyers could not sustain the bullish momentum above the $34 resistance. The current downtrend is likely to extend to the low of $26.

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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.