Polkadot May Decline as It Faces Rejection at the $7.57

Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4

DOT/USD Long-term Trend: Bearish
Polkadot’s (DOT) price is in a downtrend as it faces rejection at the $7.57 high. The upward correction is facing rejection at the 21-day line SMA or the $8.00 resistance zone. On the upside, if buyers breach the resistance at $8.00, Polkadot will rise and revisit the $9.68 overhead resistance. Conversely, if the altcoin loses the $6.80 support, the selling pressure will resume. Polkadot will further decline to the previous lows at $6.52 and $5.98 price levels. In the meantime, Polkadot is struggling to break above-moving average lines.

Daily Chart Indicators Reading:
The altcoin is at level 47 of the Relative Strength Index for period 14. DOT price is in a downtrend despite the upward correction. The price bars are still fluctuating below the moving average lines which will lead to further decline.

DOT/USD Medium-term bias: Bearish
On a weekly chart, the DOT price has fallen significantly to the downside. Today, the market is declining again after facing rejection at the 21-day line SMA. On a weekly chart, a retraced candle body tested the 78.6% Fibonacci retrenchment. The retracement suggests that DOT/USD will fall to level 1.272 Fibonacci extension or level $3.14. From the price action, the DOT price has fallen to the low of $7.47.

Weekly Chart Indicators Reading
DOT price is below the 40% range of the daily stochastic. The market is in a bearish momentum. The 21-day line and 50-day line moving averages are sloping southward indicating the downtrend.

General Outlook for Polkadot
Polkadot is in a downward correction a it faces rejection at the $7.57 The upward moves are facing rejection at the recent high.


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