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


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

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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.