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

Updated:

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.

Polkadot Is in a Sideways Move as Bulls Defend $7.18 Support
DOT/USD – Daily Chart

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.

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