Polkadot Is in a Range as It Struggles below $8.00

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


Technical indicators:
Major Resistance Levels – $10, $12, $14
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.



You can purchase crypto coins here: Buy LBLOCK


Note: Learn2.Trade 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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.