Polkadot (DOT) Faces Rejection at $13.50, Revisits Previous Low at $10.36

Azeez Mustapha
23 July 2021 | Updated: 23 July 2021

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price has broken below the previous low at level $13.09. The altcoin has fallen to another low of $10.36. However, at the recent low, the bulls bought the dips as the market resumed upward. Polkadot price corrected upward to the high of $13.50. The upward move could not continue as the market reached the overbought region. Sellers have emerged as the altcoin resumes selling pressure.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 41 of the Relative Strength Index period 14. It indicates that the crypto is in the downtrend zone and below the centerline 50. The 21-day and the 50-day SMAs are sloping southward indicating the downtrend. The price bars are below the moving averages which suggests further downside.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4 hour chart, the altcoin is making a brief uptrend. The uptrend reached the high of $13.50 but faced rejection. DOT/USD is now turning from the recent high. Meanwhile, on July 21 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the DOT price will rise but reverse at level 1.272 Fibonacci extensions or level $13.52. From the price action, Polkadot has tested the Fibonacci level and it is reversing.

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)
DOT/USD has resumed a downtrend as buyers failed to breach the $13.50 high. The market is likely to fall to retest the low at $10.36.DOT price is likely to retest the previous low at $10.36 and resumed upward.

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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.