Polkadot Reaches Bearish Fatigue as It Continues to Trade over $5.75

Key Resistance Levels: $10, $12, $14
Key Support Levels: $8, $6,$4

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) price is decreasing, and the market has reached bearish exhaustion as it continues to trade over $5.75. The altcoin has hit a low of $5.86 and is expected to go even further to $5.66. At the same time, the price of the cryptocurrency is retesting its current support level of $5.87. If the current support level is broken, the market will fall to a low of $5.66 or $5.15. The DOT price has resumed selling pressure, according to the price action.

Daily Chart Indicators Reading:
According to period 14’s Relative Strength Index, Polkadot is currently trading at level 48. This implies that the coin will keep falling. The selling pressure will intensify as long as price bars remain below the moving average lines.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4-hour chart, the value of the cryptocurrency has dramatically plummeted. Price indication predicts that it will cost $5.66 at its lowest point. The price of the cryptocurrency has been challenged and rejected three times at the $6.00 resistance level. The DOT price is below the trend lines of the moving average.

4-hour chart Chart Indicators Reading
The DOT price has fallen into the oversold region below the daily Stochastic’s threshold of 20. The fact that the price bars are lower than the moving average means that the price of the currency will keep falling. Where buyers are most likely to appear on the market is where it is oversold.

General Outlook for Polkadot (DOT)
Polkadot has crossed the oversold level as it continues to trade over $5.75. Buyers will converge in the oversold area to raise prices. In the previous market action, the altcoin regains strong momentum over the $5.79 support.

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