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Key Resistance Levels: $10, $12,$14
Key Support Levels: $5, $3,$1
Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) remains at the bottom of the chart as it reaches bearish exhaustion at $3.60. Doji candlesticks have been present, which has caused the price movement to be relatively slow. Polkadot is currently trading between $3.60 and $3.80.
On October 16, the bulls attempted to re-establish bullish momentum but were thwarted by the 21-day SMA or the resistance at $3.80. The lengthy candlestick wick implies that there is a lot of selling going on at the higher price level.Similarly, the bears retested the lower-priced area but were forced to retreat.
The extended candlestick tail implies that there is significant buying pressure at the lower price level. Meanwhile, at the time of writing, DOT/USD is trading at $3.64.
Daily Chart Indicators Reading:
The moving average lines have remained consistently above the price bars as the value of the altcoin declines. Moving average lines also serve as barrier lines. Polkadot will fall each time the altcoin retests the moving average line. In addition, when the price bars are above the moving average lines, the cryptocurrency will resume its positive trend.
General Outlook for Polkadot (DOT)
Since October 12, Polkadot has been trading in a new price range as it reaches bearish exhaustion at $3.60. The Doji candlesticks create a small amount of price movement. The price of DOT is correcting upward, but the change has been limited and negligible. The altcoin has entered the market’s oversold zone.
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