14.08.2022
Chicago 12, Melborne City, USA
Business

Polkadot Reaches Previous Low As It Struggles To Hold Above $6.37

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 and has declined to the low of $6.53 as it struggles to hold above $6.37. The cryptocurrency has been on a steady decline from the high of $8.36. Today, the coin has revisited the previous low of $6.37. Nevertheless, if the $6.37 support holds, the altcoin will be forced to a range-bound move between $6.37 and $8.36n price levels. Conversely, if the bears break the current support Polkadot will further decline to $4.23. Today, the altcoin is attempting to resume upward with the appearance of a bullish candlestick. It is trading at $6.79 as of press time.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto is at level 36 of the Relative Strength Index for period 14. It is in the bearish trend zone and may further decline below the $6.37 support. DOT’s price bars are below the moving averages indicating a further decline.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4-hour chart, the altcoin is in a sideways trend. It fluctuates between $6.35 and $8.50 price levels. On the upside, if the bulls breach the $8.50 high, the coin will rise to $9.50 and $10.50 price level. The bulls have been defending the current support since June 13.

Polkadot Reaches Previous Low As It Struggles To Hold Above $6.37
DOT/USD – 4 hour chart

4-hour chart Chart Indicators Reading
DOT is above the 25% range of the daily stochastic. The market is in a bullish momentum. The moving averages are sloping horizontally indicating sideways. The 21-day line SMA is above the 50-day line SMA indicating a possible rise of the coin.

General Outlook for Polkadot (DOT)
Polkadot is in a downtrend as it struggles to hold above $6.37. The coin has fallen to the previous low of June 18. The upward move is restricted by the 21-day line SMA. A price rebound will catapult the coin above the moving averages.

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