Polkadot Declines To $6.37 Low As Bears Seek Further Decline

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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price is in a downward correction as bears seek further decline. The altcoin is consolidating above the $6.37 support. On June 13, 18, and 30 the bears retested $6.37 support to break below it. The current support has been defended by the bulls. The bulls caused the current downtrend as they failed to sustain the bullish momentum above the recent high. On June 25, the bulls broke the 21-day line SMA but were repelled. DOT price has been falling as it reaches the $6.37 support. The altcoin will resume upward if the current support holds. However, if the bears break below the current support, the market will decline to the low of $4.23.

Polkadot (DOT) Indicator Analysis
Polkadot is at level 36 of the Relative Strength Index for period 14. It is in the downtrend zone and approaching the oversold region of the market. DOT’s price is below the moving averages indicating a further decline. DOT is below the 40% range of the daily stochastic. The market is in a bearish momentum.

Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4

What Is the Next Direction for Polkadot (DOT)?
Polkadot has resumed its downward move as bears seek further decline
The downtrend will resume if price breaks below the current support. Meanwhile, on May 11 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that DOT price will fall to level 1.618 Fibonacci extension or level $2.68.

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