Polkadot Risks a Further Downward Move as Sellers Breach $14.18 Low
Login

Polkadot Risks a Further Downward Move as Sellers Breach $14.18 Low

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

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 sellers breach $14.18 low. The bears broke below the previous low at $14.18 but the bulls bought the dips.  On April 30, the cryptocurrency traded above the current support for a week before the recent breakdown. On the downside, if the $14.18 support is breached, DOT/USD will further decline to the low of $11. The cryptocurrency will be compelled to a range-bound move between $14.18 and $17 price levels if the current support holds. In the meantime, the altcoin has declined to the low of $13.95 at the time of writing.

Polkadot Risks a Further Downward Move as Sellers Breach $14.18 Low
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is at level 34 of the Relative Strength Index for period 14. The crypto has declined and it approaches the oversold region. DOT’s price is below the moving averages as the altcoin continues to fall. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend.


Polkadot (DOT) Medium-term Trend: Bearish
DOT/USD is in a downtrend as price finds support above the $14.18. The altcoin corrected upward as it reached the high of $16.34. However, the bears sold at the recent high which resulted in the selling pressure. The selling pressure has been marginal.

DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
DOT price is below the 20% range of the daily stochastic. The altcoin has reached the oversold region of the market. Buyers will emerge to push prices upward. The 21-day line SMA and 50-day line SMA are sloping southward indicating the downtrend


General Outlook for Polkadot (DOT)
Polkadot is in a downward move as sellers breach $14.18 low. The altcoin will further decline as it loses the current support at $14.18. Presently, buyers are defending the current support.


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
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 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

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News