Polkadot Hovers above $8 Support as Bears Attempt to Revisit $7.18 Low

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price is falling as bears attempt to revisit $7.18 Low. In previous price action, Polkadot was fluctuating between $8 and $12 price levels. Today, the upward moves have been restricted below the $10 high. or the 21-day line moving averages. On May 27, the uptrend was repelled by the 21-day line moving average. Further upward movement of the coin is doubtful as the altcoin retraces to $9 support. On the downside, the selling pressure will resume if the bears break below the $8.00 support, The altcoin will revisit the previous low at $7.18. On the other hand, if the $8 support holds and the altcoin rebounds, the market will rally above the moving verges. The bullish momentum will extend to the high of $16.

Polkadot Hovers above $8 Support as Bears Attempt to Revisit $7.18 Low
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is at level 35 of the Relative Strength Index for period 14. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend. The 21-day line moving average is acting as resistance to price bars.

Polkadot (DOT) Medium-term Trend: Ranging
On the 4-hour chart, DOT price is in a sideways trend.
It is falling to the previous low. The price movement has been insignificant because of the presence of small body indecisive candlesticks. DOT price will revisit the previous low at $7.18.

 Polkadot Hovers above $8 Support as Bears Attempt to Revisit $7.18 Low
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
The 21-day line SMA and 50-day line SMA are sloping horizontally indicating a sideways move. Polkadot is below the 40% range of the daily stochastic. The market is in a bearish momentum.

General Outlook for Polkadot (DOT)
DOT/USD is likely to resume selling pressure as bears attempt to revisit $7.18 Low. The coin will further decline to the previous low at $7.18.

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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.