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

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.


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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.