Polkadot (DOT) Falls to $24.06 Low, Resumes Upward Move

4 June 2021 | Updated: 4 June 2021

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


Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot has continued its downward move. Today, the altcoin has dropped to as low as $24.06. On May 29, the coin dropped to $20 low as bulls bought the dips. The crypto’s price corrected to $28 and was resisted. This caused the current downward move of the coin.
The coin is falling and perhaps approaching the previous low of $18 or $13.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is now at level 44 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 suggest that the coin is in the bearish trend zone and capable of falling.

Polkadot (DOT) Medium-term Trend: Bearish
On the 1 hour chart, the altcoin has fallen to the low of $ 24. The coin has reached bearish exhaustion. Meanwhile, on June 3 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOT will fall to level 2.0 Fibonacci extension or level $24.98. From the price action, the DOT price has fallen to the low of $24.06. Upward move likely.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is below the 20% range of the daily stochastic. It indicates that the market has fallen to 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 has fallen and has reached bearish exhaustion. The coin has fallen to the oversold region of the market and buyers are likely to emerge. DOT is consolidating above $24 support

You can purchase crypto coins here: Buy Coins

Note: Learn2Trade.com 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
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

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.