Polkadot Slides as Bears Threaten to Short Below $6.20

Azeez Mustapha

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Polkadot (DOT) Price Long-term Trend: Ranging
Polkadot’s (DOT) price has fallen to a low of $6.00 on June 14 as bears threaten to short below $6.20. The DOT price is correcting upward as it approaches the high of $6.40. The altcoin is now trading in a band of $6.20 to $7.70. The upward correction is meeting an initial resistance at the high of $6.45.The altcoin is currently trading in a tight range.

Polkadot will revisit its prior low of $5.67 if the bears shatter the $6.20 support and maintain their bearish momentum. Meanwhile, the DOT/USD exchange rate is at $6.34.

Polkadot Slides as Bears Threaten to Short Below $6.20
DOT/USD – Daily Chart

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

Daily Chart Indicators Reading:
The price bars are below the moving average lines but remain above the $6.20 support. The 21-day SMA is currently below the 50-day SMA, indicating that the cryptocurrency will continue to decline. On the 4-hour chart, the altcoin will be compelled to move in a range because it is trapped between the moving average lines.

 General Outlook for Polkadot (DOT)
Polkadot is declining below the moving average lines as bears threaten to short below $6.20. Bulls purchased the dips, but bears are threatening to push to their prior low of $5.67. The cryptocurrency signal is negative during a sideways trend.

Polkadot Slides as Bears Threaten to Short Below $6.20
DOT/USD – 4 hour Chart

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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.

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