Polkadot Is in a Sideways Move as Bulls Defend $7.18 Support

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price is in a downtrend  as bulls defend $7.18 support. On May 12, DOT/USD plunged to the low of $7.18. The selling pressure eased as the altcoin corrected upward to the high of $12. The bulls could not penetrate the recent high, hence the necessity to resume a sideways move. For the past week, the market has been fluctuating between $7.18 and $12 price levels. On the upside, if the bulls break the $12 resistance, the market will rally to $16. On the downside, the coin is likely to hold because of the presence of a candlestick with a long tail. The long tail indicates that the current support has strong buying pressure. Polkadot is likely to hold above the $7.18 support.

Daily Chart Indicators Reading:
DOT price is at level 37 of the Relative Strength Index for period 14. The market is still in the bearish trend zone despite the upward correction. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.

Polkadot (DOT) Medium-term Trend: Ranging
On the 4-hour chart, DOT/USD is in a sideways trend. The coin is fluctuating below the $12 resistance level. The price movement has been insignificant because of the presence of small body indecisive candlesticks. DOT price will fall as it is below the moving averages.

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 still in the bearish trend zone as bulls defend $7.18 support. The coin will further decline if it loses the $7.18 support.


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