Polkadot (DOT) Retraces From $30 High as Sellers Threaten to Short
Login

Polkadot (DOT) Retraces From $30 High as Sellers Threaten to Short

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
Today, DOT price is falling after rejection from the $32 high. In the previous price action, Polkadot plunged to $16 low and pulled back as bulls bought the dips. However, the uptrend was short-lived as DOT price faced resistance at $32.50. Buyers could not sustain the bullish momentum above the recent high. Meanwhile, on May 19 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOT price will fall to level 1.618 Fibonacci extension .

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot has fallen to level 40 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 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4 hour chart, the altcoin has been in a sideways trend since February. On May 20, the crypto plunged to $21 low as bulls bought the dips. The price corrected upward but the uptrend is facing resistance at the high of $30. Meanwhile, on May 19 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOT will fall to level 2.0 Fibonacci extension. From the price action, the altcoin is retracing after the rejection from the recent high.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above the 40% range of the daily stochastic. It indicates that the market is in a bullish momentum. This is contrary to the price action which is retracing from the recent high. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Polkadot (DOT)
Polkadot (DOT) price is in a downward correction. The altcoin is facing rejection from the recent high. In the meantime, the crypto’s price is fluctuating between $16 and $30. The altcoin will trend if the levels are breached.

You can purchase crypto coins here: Buy Coins

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