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

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.

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.

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.

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