Polkadot Is in a Sideways Move as Bulls Defend the $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 downward correction as bulls defend the $7.18 support . The bears retested the previous low of $7.18 twice. On the two occasions, the bulls bought the dips and pushed the coin upward. In the last 48 hours, the DOT price has been hovering above the $7.18 support. On the downside, if the bears break below the $7.18 support, Polkadot will decline to the low at $2.68. On the upside, buyers have been restricted by the 21-day line SMA. A break above the 21-day line will propel the coin to rally to the 50-day line SMA.

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

Daily Chart Indicators Reading:
Polkadot is at level 36 of the Relative Strength Index for period 14. It is in the downtrend zone and it is approaching the oversold region. DOT’s price is below the moving averages indicating a further decline.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4-hour Chart, the altcoin is in a range-bound move. After the June 13, price slump, the crypto resumed a sideways move between $6.35 and $8.50 price levels. The altcoin will resume trending when these levels are breached.

Polkadot Is in a Sideways Move as Bulls Defend the $7.18 Support
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
DOT is below the 20% range of the daily stochastic. The crypto is trading in the oversold region of the market. Buyers will emerge in the oversold region to push prices upward. The moving averages are sloping southward indicating the downtrend.

General Outlook for Polkadot (DOT)
Polkadot is fluctuating above the previous low of $7.18 as bulls defend the $7.18 support. The altcoin is trading between $6.35 and $8.50 price levels. The cryptocurrency risks further decline if the bears break below the $7.18 support and the bearish momentum is sustained.

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

  • 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
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • 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.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 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
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.