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Key Resistance Levels: $60, $62, $64
Key Support Levels: $40,$38,$36
Polka dot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price has resumed selling pressure as bears broke the previous low at level $13.09. The altcoin has fallen to level $12.26 but may reach the low of $9. The market is showing signs of reversal of the current trend. DOT/USD is capable of reaching the target price of $9.59. Meanwhile, the daily price indicators have shown that the DOT price has reached bearish exhaustion. Polkadot has reached the oversold region of the market. The crypto may not have enough room to rally on the downsides. The crypto is trading at $12.26 at the time of writing.
Daily Chart Indicators Reading:
The altcoin is at level 31 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 was fluctuating between $15 and $17 before the resumption of a downward move. The bears broke the lower price range and retested the $14 high before resuming the downtrend. Meanwhile, on July 13 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOT price will fall to level 1.272 Fibonacci extensions or level $12.43 and reverse. From the price action, the altcoin has tested the Fibonacci level. The crypto is expected to reverse to 78.6% Fibonacci retracement level where it originated.
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)
The altcoin has reached bearish exhaustion. The crypto is testing 1.272 Fibonacci extensions or level $12.43. There is the likelihood of price reversal. However, the reversal will not be immediate.
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