Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price reaches its bottom price of $1.70 after breaking below the critical support level of $2.00. Buyers wanted to push the price above $2.00, but were deterred by the recent high. Today, the altcoin has dropped to a low of $1.76, surpassing the bottom price level. On the downside, the cryptocurrency is anticipated to fall further to a low of $1.00. Later, the bearish momentum will extend to the October price level of $0.25. However, if the altcoin retraces and maintains above the $1.00 level, the upward trend may begin. In the meantime, the bearish momentum continues.
Key Resistance Levels: $10, $12, $14
Key Support Levels: $5, $3, $1
Polkadot Indicator Analysis
The price bars are dominated by Doji candlesticks that fall below the downsloping moving averages. The concentration of Doji candlesticks has resulted in delayed price movement. On the 4-hour chart, the price bars are below the downward-trending moving average lines. The crypto price was previously caught between the 21-day SMA support and the 50-day SMA before resuming its drop.
General Outlook for Polkadot (DOT)
Polkadot stalls its decline above its bottom price of $1.70, indicating a sideways move. On the 4-hour chart, the cryptocurrency made an upward correction but was halted by the 50-day SMA, or the $1.90 high. The altcoin has since started to decline after hitting a recent peak. However, bearish momentum will begin if the $1.70 support level is breached.
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