Polkadot (DOT) Reaches Oversold Region as Buyers Are Likely to Emerge
Login

Polkadot (DOT) Reaches Oversold Region as Buyers Are Likely to Emerge

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bearish
Since June 14, Polkadot (DOT) has been falling after the rejection at $29. The selling pressure has broken below the moving averages which suggests a further downward movement of prices. The current price fall was the failure of buyers to break the previous lower highs. For the past five days, DOT price was making a series of lower highs and lower lows. The selling pressure resumes as bulls fail to break the lower high $26 high. The current downtrend is likely to extend to the low at $20.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 43 of the Relative Strength Index period 14. The crypto is in the bearish trend zone and below the centerline 50. The 21-day and the 50-day SMA are sloping southward indicating the downtrend. The crypto’s price has broken below the moving averages which suggests a further decline.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4 hour chart, the altcoin is in a downward move. The selling pressure has been confirmed as price breaks below the moving averages. Meanwhile, on June 4 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 $20.91.

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. It means that selling pressure has reached bearish exhaustion. 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 as the altcoin revisits the previous lows. DOT price has fallen to the oversold region as buyers are likely to emerge.

.
You can purchase crypto coins here. Buy Tokens

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
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News