Polkadot Is in a Downward Correction, May Revisit the $16 Low
Login

Polkadot Is in a Downward Correction, May Revisit the $16 Low

Estimated Reading Time: 3 minutes

Azeez Mustapha

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price has fallen below the moving averages but may revisit the $16 low. The altcoin has resumed a downward correction between the levels of $16 and $20. In the previous price action, buyers could not break the resistance at $23 and the 50-line moving average. Consequently, the downtrend resumed. After the recent price slump, DOT/USD is trading at $18.42 as of press time. Nevertheless, if the DOT price rebounds above the current support, the resistance levels of $20 and $23 are likely to be broken. The altcoin will rally above the moving averages which will compel the altcoin to resume upside momentum. Nonetheless, the downward correction will continue where the bullish scenario is invalidated.

Polkadot Is in a Downward Correction, May Revisit the $16 Low
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The cryptocurrency is below the moving averages indicating a possible downward move. The crypto is at level 40 of the Relative Strength Index for period 14. The altcoin is trading in the bearish trend zone and below the centerline 50. It is above the 25% area of the daily stochastic. The market is in the bullish momentum.

Polkadot (DOT) Medium-term Trend: Bearish
Polkadot has been declining after the rejection at the $23 high. Meanwhile, on February 8 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that DOT will fall to level 2.618 Fibonacci extension or $18.35. From the price action, DOT is consolidating above the 2.618 Fibonacci extension.

Polkadot Is in a Downward Correction, May Revisit the $16 Low
DOT/USD – 4 hour Chart

4-hour Chart Indicators Reading
DOT price is above the 25% area of the daily stochastic. The altcoin is in bullish momentum. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Polkadot (DOT)
DOT/USD is in downward correction but may revisit the $16 low. The downtrend has eased as the altcoin fell to the oversold region of the market. Buyers will emerge in the oversold region to push the altcoin upward.

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