Polkadot Hovers above $8 As Bears Push to the Previous Low at $7.18

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bearish
Since June 10, Polkadot’s (DOT) price has been hovering above the $8 support as bears push to the previous low at $7.18. The downtrend will resume if the bears break below the crucial support. Nevertheless, Polkadot will decline to the previous low at $7.18 if the bears are successful. In the same, if the DOT price rebounds above the $8.00 support, the bulls will break the 21-day line SMA and rally to the 50-day line SMA. The price action of the cryptocurrency is characterized by small body indecisive candlesticks which make price movement rather very slow.

Polkadot Hovers above $8 As Bears Push to the Previous Low at $7.18
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is at level 37 of the Relative Strength Index for period 14. Polkadot is trading in the downtrend zone as it approaches the oversold region of the market. The price bars are below the moving averages indicating a further decline.

Polkadot (DOT) Medium-term Trend: Bearish
Polkadot is falling after facing rejection at the high of $10.50. DOT price is now fluctuating above the current support. The Fibonacci tool analysis will hold if the bears break below the current support. Meanwhile, on June 1 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that DOT price will fall to level 1.618 Fibonacci extension or level $8. 41.

Polkadot Hovers above $8 As Bears Push to the Previous Low at $7.18
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
The 21-day line SMA and 50-day line SMA are sloping downward indicating the downtrend. Polkadot is above the 25% range of the daily stochastic. The market is in a bullish momentum.


General Outlook for Polkadot (DOT)
DOT/USD is in a downward move as bears push to the previous low at $7.18. The current support will determine the direction of the market.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.