Polkadot Is in a Tight Range as It Faces Further Decline Below $6.37

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 it faces further decline below $6.37. The 21-day line SMA has been the resistance line to the price bars. Buyers have never kept the price above the 21-day line SMA resistance. A break above the moving average lines will end the downtrend. The coin will resume upside momentum. Polkadot will rise to the previous highs of $10 and $12 if the resistance line is breached. The altcoin will further decline to a $5.50 low if the bears break below the current support. In the meantime, DOT/USD is trading at $7.14 at the time of writing.

Polkadot Is in a Tight Range as It Faces Further Decline below $6.37
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT is at level 43 of the Relative Strength Index for period 14. It is in the downtrend zone and may further decline to the downside. The price bars are below the moving averages which are responsible for the price slump.

Polkadot (DOT) Medium-term Trend: Bullish
On the 4-hour Chart, the altcoin is in an upward move. However, the uptrend has been terminated as bears resume selling pressure. The coin will decline to the previous low if the bears break below the moving average lines.

Polkadot Is in a Tight Range as It Faces Further Decline below $6.37
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
DOT is below the 40% range of the daily stochastic. The market is in a bearish momentum. The moving averages are sloping horizontally indicating sideways. The 21-day line SMA and the 50-day line SMA are below moving average lines indicating a possible fall of the coin.

General Outlook for Polkadot (DOT)
Polkadot is in a sideways move as it faces further decline below $6.37. The 21-day line SMA has restrained the upward move of the coin. Polkadot will be trading in a tight range which may cause it to have a price rebound or breakdown. A break below the current support will push the altcoin to the low of $5.50.

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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.