Polkadot Is in a Slump and Might Drop as Low as $2.87

Key Resistance Levels: $10, $12, $14
Key Support Levels: $5, $3,$1

Polkadot (DOT) Price Long-term Trend: Bearish
The price of Polkadot (DOT) has fallen between the moving average lines and might drop as low as $2.87. The cryptocurrency may keep trading in a range-bound pattern while being constrained by the moving average lines. However, the crypto’s price may decrease more if it fails to overcome the $5.20 obstacle.

The price signal indicated that the cryptocurrency’s value would continue to decrease. The market might decline by as low as $2.87. The selling pressure can increase if the bears breach the $4.18 support and the 21-day SMA. Polkadot is projected to tumble as low as $2.87 if the bears are successful.

On the other hand, a bullish trend may begin if buyers keep the price above the 50-day SMA.

Daily Chart Indicators Reading:
Polkadot is caught between the moving average lines at the moment. It could have to resume making moves that are limited in range. The DOT price is at level 52 for Relative Strength Index for period 14. The moving average lines are going southward and are in a decline.

The cryptocurrency is in a positive trend when the daily Stochastic threshold is over 50.

General Outlook for Polkadot (DOT)
Polkadot is trapped between the moving average lines and might drop as low as $2.87. It was rejected at the $5.20 high in the preceding price action. The $5.20 high has been a market overbought area. If the coin is rejected at its recent peak, it will fall.

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