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

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

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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.

You can purchase crypto coins here. Buy Tokens

Note: Learn2Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News