Polkadot Reaches Bearish Exhaustion as It Hovers above $4.41

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors



Key Resistance Levels: $60, $62, $64
Key Support Levels: $40, $38,$36

Polkadot (DOT) Price Long-term Trend: Bearish
The price of Polkadot (DOT) has hit a low of $4.41 on December 19 as it hovers above $4.41. The value of the cryptocurrency asset has dropped noticeably from its high of $55 to a low of $4.41. Even though the altcoin has reached the oversold area of the market, it has kept falling. For instance, Polkadot encountered another rejection on December 16 at the $5.50 high or the 21-day line SMA. The altcoin hit a low of $4.41 and then began to consolidate above it. The altcoin has been fluctuating above it for the last three days. As it approaches the oversold area, another downward movement is unlikely. Above the $4.00 support, the downward trend could change.

Polkadot Reaches Bearish Exhaustion as It Hovers above $4.41
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The DOT price is at level 30 on the Relative Strength Index for period 14.It shows that the oversold area of the market has been reached. There’s unlikely to be more selling pressure. Since the price bars are below the moving average line, further decline is also indicated. The downtrend is indicated by the southward sloping 21-day and 50-day line SMAs.

Polkadot (DOT) Medium-term Trend: Bearish
The price of DOT/USD is moving downward on the 4-hour chart. The price of the cryptocurrency is experiencing a string of lower highs and lower lows. As buyers start to show up, the altcoin is trading in the oversold area. The 21-day line SMA is blocking the upward trend.

Polkadot Reaches Bearish Exhaustion as It Hovers above $4.41
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
Prior to this, the daily Stochastic was below level 20 and the cryptocurrency was in the oversold area. DOT is currently in a bullish momentum above the daily Stochastic’s level 25. To drive the altcoin to its previous highs, buyers are starting to emerge.

General Outlook for Polkadot (DOT)
Polkadot has reached the point where the market is oversold as it hovers above $4.41. Above the existing support, the altcoin is moving sideways. If the current support is broken, the price of the cryptocurrency will drop even further to a low of $4.00..

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
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 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.