Polkadot (DOT) Declines as It Faces Rejection at $ 28 Resistance

Polkadot (DOT) Declines as It Faces Rejection at $ 28 Resistance

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot has continued to fall. Following the last bearish impulse on May 23, Polkadot made an upward correction to a high of $28. However, the selling pressure above the $28 high repelled the bullish momentum. DOT price faces rejection at $28 as the altcoin fell and broke below the moving averages. The selling pressure is likely to continue.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is at level 41 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone and below the centerline 50. The moving averages are sloping downward indicating the downtrend. DOT price is below the moving averages which suggests a further downward movement of prices.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4 hour chart, the altcoin is in a downward move. DOT price corrected upward to $28 high. The crypto was resisted as price makes a series of lower highs and lower lows. Meanwhile, on June 4 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOT will fall to level 1.618 Fibonacci extension or level $20.49.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is below the 40% range of the daily stochastic. It indicates that the coin is in a bearish trend zone. It is also approaching the oversold region. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Polkadot (DOT)
Polkadot’s (DOT) price is falling and it may reach the previous low at $20. DOT price has reached the oversold region of the market. Buyers are likely to emerge. The market will reach the low of $20 and resume upward.

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Author : Azeez Mustapha

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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.