Polkadot (DOT) Is in a Downward Correction, Fluctuates between $16 and $25

Polkadot (DOT) Is in a Downward Correction, Fluctuates between $16 and $25

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot is in a downward move. On May 23, DOT price has dropped to the low of $13.73 as bulls bought the dips. The altcoin price corrected upward to $25 but faces another rejection. The coin has declined to the low of $20. It is presently below the moving averages which suggest that it is capable of the further downward move.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot has fallen to level 39 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone below the centerline 50. The crypto’s price has broken below the moving averages which suggests that the coin is in the bearish trend zone and capable of falling. The moving averages are sloping horizontally indicating the sideways trend.

Polkadot (DOT) Medium-term Trend: Bearish
On the Daily chart, the altcoin has fallen to the low of $13.73 and corrected above level $20. Meanwhile, on May 19 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOT will fall to level 1.272 Fibonacci extension. From the price action, the DOT price is retracing on the downside.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum. 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 falling and has reached the oversold region of the market. Buyers are expected to emerge. The altcoin is trading below the moving averages which are prone to further downward move.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.