Polkadot Reaches the Oversold Region as It Holds Above $7.00


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 holds above $7.00. On August 13, Dogecoin was repelled at the $9.68 overhead resistance as it declined to the low of $7.04.The crypto will further decline if the current support fails to hold. Buyers could not breach the resistance after two attempts. DOT price declined below the moving average lines. Today, the bears have pushed the altcoin to the low of $7.28 which is a crucial support. However, if the current support holds, Polkadot will resume upward retesting the initial resistance at $8.00. The selling pressure will resume if price breaks below the current support. Polkadot will further decline to the previous lows at $6.52 and $5.98 price levels.

Polkadot Reaches the Oversold Region as It Holds Above $7.00
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The cryptocurrency is at level 37 of the Relative Strength Index for period 14. DOT price is in the bearish trend zone as it continues to decline. The crypto’s price is below the moving average lines which will accelerate the selling pressure. The altcoin is trading below the 20% range of the daily stochastic. The market has reached the oversold region. The selling pressure has reached bearish exhaustion.

DOT/USD Medium-term bias: Bearish
On the 4– hour chart, the DOT price is in a downtrend after the recent breakdown. The coin fell significantly as it reaches the oversold region of the market. The selling pressure will continue if the current support is breached.

Polkadot Reaches the Oversold Region as It Holds Above $7.00
DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is below the 20 % range of the daily stochastic. It indicates that the coin is in the oversold region of the market. The 21-day line and 50-day line moving averages are sloping southward indicating the downtrend.

General Outlook for Polkadot
Polkadot has fallen considerably to the downside as it holds above $7.00. The crypto is now fluctuating above the $7.28 support. Since the coin has reached the oversold region, buyers are expected to emerge in the oversold region of the market.

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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.