Polkadot Slumps to $16 Low as Buyers Emerge from Oversold Region

Updated:

Key Resistance Levels: $60, $62, $64
Key Support Levels: $40, $38,$36

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) is in a downward correction as buyers emerge from oversold region. DOT’s price has fallen to the low of $16. The current fall is the rejection from the $19 high. The market is declining to the previous low of $15. Since January 22 price slump, the market has been fluctuating between $15 and $20 price levels. Buyers have been defending this crucial support of $15 since January 22. The current retracement may hold above the current support. On the upside, if price rebounds above the current support, a rally above the moving averages is expected but the altcoin will face stiff resistance at $22. On February 25, the DOT price slumped to $14.07 but pulled back above the $16 support.

Polkadot Slumps to $16 Low as Buyers Emerge from Oversold Region
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is at level 43 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone as price falls below the moving averages. The crypto’s price is still below the moving averages which causes the altcoin to fall.

Polkadot (DOT) Medium-term Trend: Bearish
DOT/USD is in a downtrend after the rejection at the $19 resistance. Polkadot is approaching the previous low at $16. Meanwhile, on January 24 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that DOT will fall to level 1.272 Fibonacci extension or level $11.57. From the price action, the altcoin is retesting the previous low at $116.

Polkadot Slumps to $16 Low as Buyers Emerge from Oversold Region
DOT/USD – Daily Chart

4-hour Chart Indicators Reading
Polkadot is below the 80% area of the daily stochastic. That is, the market is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Polkadot (DOT)
DOT/USD has reached the previous low at $16 as buyers emerge from oversold region . The altcoin has also reached the oversold region of the market. Buyers are likely to emerge in the oversold region.


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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.