Polkadot Is in a Sideways Move as Bulls Defend the $7.18 Support
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 downward correction as bulls defend the $7.18 support . The bears retested the previous low of $7.18 twice. On the two occasions, the bulls bought the dips and pushed the coin upward. In the last 48 hours, the DOT price has been hovering above the $7.18 support. On the downside, if the bears break below the $7.18 support, Polkadot will decline to the low at $2.68. On the upside, buyers have been restricted by the 21-day line SMA. A break above the 21-day line will propel the coin to rally to the 50-day line SMA.
Daily Chart Indicators Reading:
Polkadot is at level 36 of the Relative Strength Index for period 14. It is in the downtrend zone and it is approaching the oversold region. DOT’s price is below the moving averages indicating a further decline.
Polkadot (DOT) Medium-term Trend: Bearish
On the 4-hour Chart, the altcoin is in a range-bound move. After the June 13, price slump, the crypto resumed a sideways move between $6.35 and $8.50 price levels. The altcoin will resume trending when these levels are breached.
4-hour chart Chart Indicators Reading
DOT is below the 20% range of the daily stochastic. The crypto is trading in the oversold region of the market. Buyers will emerge in the oversold region to push prices upward. The moving averages are sloping southward indicating the downtrend.
General Outlook for Polkadot (DOT)
Polkadot is fluctuating above the previous low of $7.18 as bulls defend the $7.18 support. The altcoin is trading between $6.35 and $8.50 price levels. The cryptocurrency risks further decline if the bears break below the $7.18 support and the bearish momentum is sustained.
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