Polkadot Is in a Range as It Struggles below $8.00

Azeez Mustapha



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Technical indicators:
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Major Support Levels – $8, $6, $4

DOT/USD Long-term Trend: Bearish
Polkadot’s (DOT) price is in a downtrend as it struggles below $8.00. The current support at $5.98 has been holding since June 13. Buyers have been defending the current support vigorously. However, if the bears break below the $6.00 support, the market will decline to the low of $4.00.Polkadot will resume upward correction if it holds above the current support. On the upside, buyers have failed to keep the price above the moving average lines or $8.00 high since August 23. The cryptocurrency has been fluctuating between $6.00 and 8.00 price levels. The altcoin will trend when the range-bound levels are breached.

Polkadot Is in a Range as It Struggles below $8.00
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 42 of the Relative Strength Index for period 14. The crypto is in the downtrend zone and may further decline. The price bars are below the moving average lines which indicates further decline. Polkadot is below the 80% range of the daily Stochastic. It implies that the altcoin is in a bearish momentum.

DOT/USD Medium-term bias: Bearish
On a 4- hour chart, the DOT price is in a downward move. The altcoin is facing rejection at the recent high. Meanwhile, on September 19 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that DOT will fall to level 1.618 Fibonacci extension level or $5.45.

Polkadot Is in a Range as It Struggles below $8.00
DOT/USD – 4 Hour Chart

4 – Hour Indicators Reading
DOT price is below the 80% range of the daily stochastic. The market is in a bearish momentum. The 21-day line and 50-day line moving average lines are sloping southward indicating the downtrend.

General Outlook for Polkadot
Polkadot is in a range-bound move as it struggles below $8.00. DOT price fluctuates between the $6.00 and $8.00 price levels. Presently, it is declining to the previous low at $5.98.

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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.

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