Polkadot Is an Upward Correction as It Resumes Selling Pressure at $6.75
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price is in a downward correction as it resumes selling pressure at $6.75. On July 12, the DOT price broke the previous low to reach the low of $6.26 as bulls bought the dips. The cryptocurrency has recovered above the current support but faces resistance at the 21-day line SMA. On the upside, the 21-day line SMA has restrained the further upward movement of the coin. The altcoin will be fluctuating between the $6.37 and $7.25 price levels. On the downside, if the selling pressure persists, the altcoin will further decline to $5.60 low.
Polkadot (DOT) Indicator Analysis
The altcoin is at level 40 of the Relative Strength Index for period 14. It is in the downtrend zone and capable of further decline. The crypto’s price is below the moving averages indicating a further decline. DOT is above the 40% range of the daily stochastic. The market is in a bullish momentum. The 21-day line SMA and 50-day line SMA are sloping southward indicating a downtrend.
Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4
What Is the Next Direction for Polkadot (DOT)?
Polkadot is making an upward correction as it resumes selling pressure at $6.75. The selling pressure will resume if the altcoin faces rejection at the recent high. Meanwhile, on May 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that DOT price will fall to level 1.272 Fibonacci extension or level $5.61.
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