Polkadot Resumes Downward Correction as Buyers Fail To Keep Prices above $8 High

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price is still in a downward correction as buyers fail to keep prices above $8 high. The altcoin is above the 21-day line SMA but below the 50-day line SMA. That is, the crypto will trend when the moving average lines are breached. For instance, when the bulls breach the 50-day line SMA and the bullish momentum is sustained, the market will rally to the previous highs of $10 and $12 price levels. On the other hand, if the bears break below the 21-day line SMA, the market will decline to the low of $6.53 price levels.

Polkadot Resumes Downward Correction as Buyers Fail To Keep Prices above $8 High
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 52 of the Relative Strength Index for period 14. DOT price is in the bullish trend zone and may further rise to the previous highs. The crypto’s prices are between the moving average lines indicating a range-bound move for a few days. The 21-day line SMA and 50-day line SMA are making a U-turn indicating the uptrend

Polkadot (DOT) Medium-term Trend: Bullish
On the 4-hour Chart, the altcoin is in an uptrend but faces rejection at the $8 résistance level. DOT price is fluctuating below the resistance level. The altcoin is resuming upward after falling to the low of above $7.19. The market will resume upward if the 50-day line SMA support holds.

Polkadot Resumes Downward Correction as Buyers Fail To Keep Prices above $8 High
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
DOT is above the 25% range of the daily stochastic. The market is in a bullish momentum. The moving averages lines are sloping upward indicating an uptrend. The price bars are between the moving average lines indicating a range-bound movement of the coin.

General Outlook for Polkadot (DOT)
Polkadot is in a range-bound move as buyers fail to keep prices above $8 high. The bulls and bears are still struggling for price possession. The RSI is at level 52 which indicates a possible upward move of the cryptocurrency.


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
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • 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.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • 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.