Polkadot (DOT) Hovers above $13 Support, Uptrend Likely

25 June 2021 | Updated: 25 June 2021

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) has fallen to the previous low above $13. For the past four days, the DOT price has been stable and it fluctuates above the $13 support level. Nevertheless, the altcoin is presumed to be trading in the oversold region of the market. The emergence of buyers is expected in the oversold region. Further selling pressure is unlikely on the downside. On the upside, if the current support holds, the altcoin will resume an upward move to the previous highs. DOT price will retest the $26 resistance which has strong selling pressure. A break above the resistance will catapult the coin to $48 high.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot has fallen to level 35 of the Relative Strength Index period 14. It indicates that crypto is approaching the oversold region of the market. The 21-day and the 50-day SMA are sloping southward indicating the downtrend.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4 hour chart, the altcoin is falling. DOT price has fallen to the previous low twice. Meanwhile, on April 23 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 $13.70.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOT price has fallen 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 prices. 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 fluctuating above the current support. DOT price has fallen to the oversold region as buyers are likely to emerge. Presently, the upward move is facing rejection at the $16.50 high.

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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.