Polkadot Plunges to the Oversold Region as the Altcoin Declines to $15

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 the altcoin declines to $15. The bears broke the previous low of $17 as the selling pressure resumes. On the downside, the altcoin will further decline to the lows of either $14 or $15 price levels. However, if the altcoin holds above the $15 low, it will be compelled to a range-bound move between $15 and $19 price levels. On the upside, DOT price will resume an uptrend if price breaks above the $19 high. The crypto will rally above the moving averages. The bullish momentum will extend to the high of $23.

Polkadot Plunges to the Oversold Region as the Altcoin Declines to $15
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is at level 35 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and below the centerline 50. The altcoin is also approaching the oversold region. The 50-day line SMA and the 21-day line SMA are sloping downward indicating the downtrend

Polkadot (DOT) Medium-term Trend: Bearish
DOT/USD is in a downtrend but the crypto’s price is making a series of lower highs and lower lows. Meanwhile, on April 25 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that DOT price will fall to level 1.618 Fibonacci extension or level $15.91.

Polkadot Plunges to the Oversold Region as the Altcoin Declines to $15
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
DOT price is below the 20% range of the daily stochastic. The altcoin has reached the oversold region of the market. Buyers will emerge to push prices upward. The 21-day line SMA and 50-day line SMA are sloping southward indicating the downtrend


General Outlook for Polkadot (DOT)
Polkadot has fallen significantly to the downside as the altcoin declines to $15. The crypto has reached the oversold region of the market. The cryptocurrency is likely to resume an uptrend as buyers emerge in the oversold region.


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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.