Polkadot Enters Oversold Region As It Revisits The $4.90 Low

Polkadot (DOT) Price Long-term Trend: Bearish

Polkadot (DOT) has been trading below its moving average lines as it revisits the $4.90 low. The selling pressure returned once the bears broke the range-bound movement. The cryptocurrency has traded in a range between June 18 to July 29. The altcoin was trading in a band of $5.50 to $6.50.

On July 29, the bears broke the range and extended their drop to a low of $5.00. According to the price indicator, the altcoin will fall further to its prior low. During the June 18 price drop, a retraced candle tested the 61.8% Fibonacci retracement. The pullback predicts that the DOT price will fall further to the Fibonacci extension level of 1.618, or $4.04. The altcoin is presently worth $5.18 in the interim.

Technical indicators:  

Key Resistance Levels: $10, $12,$14
Key Support Levels: $5, $3, $1

Daily Chart Indicators Reading:

Polkadot has entered oversold territory on the market as it revisits the $4.90 low. Since July 20, the moving averages have shown a bearish crossover. The altcoin has entered the market’s oversold region, reaching a low of $4.90.

General Outlook for Polkadot (DOT)

Polkadot has remained in decline as it revisits the $4.90 low. . The cryptocurrency’s price has continued to fall. Currently, the market has touched a low of $4.90. The crypto signal indicates a further decrease to $4.04.

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