Polkadot Resumes Its Fall below $2.00

Polkadot (DOT) Price Long-term Trend: Bearish

Polkadot’s (DOT) price continues to trade sideways as it resumes its fall below $2.00. The cryptocurrency asset has been compelled to trade above the $2.00 support level but below the 21-day SMA barrier. Buyers were unable to continue the bullish momentum above the 21-day SMA barrier, resulting in a fall. The bearish momentum is on the verge of breaking below the critical support at 2.00.

A breach below the $2.00 support level will indicate the resumption of the decline. The altcoin will fall to a low of $1.00, or the $0.25 low. Meanwhile, the DOT price is $1.96 and is steadily falling to the downside.

Key Resistance Levels: $10, $12, $14
Key Support Levels: $5, $3, $1

Polkadot Indicator Analysis

On October 6, a long candlestick tail pointed to the bottom of the chart. It shows a solid bottom on the chart. The altcoin has slipped into the oversold territory of the market. Buyers are likely to be drawn to the oversold area of the market. On the 4-hour chart, the price bars have dropped below the horizontal moving average lines.

General Outlook for Polkadot (DOT)

Polkadot declines as it falls below $2.00. The altcoin was trading above the $2.00 level and below the $2.40 resistance on the 4-hour chart before the recent decline. On the downside, if the bearish momentum continues, the altcoin may reach the October 10 price level.

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