Polkadot Resumes a Fresh Decline as It Faces Rejection at $8.36

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 it faces rejection at $8.36. The altcoin is declining after facing rejection at the 21-day line SMA. The crypto will decline to the previous low of $6.37 as it turns from the 21-day line SMA. Nevertheless, the downtrend will resume and Polkadot will further decline to $4.23 if the current support is breached. However, if the $6.37 support holds, the altcoin will be compelled to a range-bound move between $6.37 and $8.35 price levels. Today, the cryptocurrency is trading at $7.94 at the time of writing.

Polkadot Resumes a Fresh Decline as It Faces Rejection at $8.36
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The altcoin is at level 45 of the Relative Strength Index for period 14. It is in the downtrend zone and capable of a further downward move. DOT’s price is below the moving averages indicating a further decline.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4-hour Chart, the altcoin has been fluctuating below the resistance at the level of $8.50. The altcoin has retraced above the moving averages for a possible upward move. On the upside, if the bulls break the recent high, the DOT price will rise to the next resistance at $9.50.

Polkadot Resumes a Fresh Decline as It Faces Rejection at $8.36
DOT/USD – 4 Hour Chart

4-hour chart Chart Indicators Reading
DOT is above the 40% range of the daily stochastic. The market is in a bullish momentum. The moving averages are sloping horizontally indicating the sideways move. The 21-day line SMA is above the 50-day line SMA indicating a possible rise of the coin.

General Outlook for Polkadot (DOT)
Polkadot is in a downward correction as it faces rejection at $8.36. The crypto is likely to revisit its previous low at $6.37. Polkadot will continue its range-bound move if it holds above the previous low. However, it will decline if the bears break below the $6.37 support.

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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.