Polkadot Reaches Bearish Exhaustion as It Returns to the $4.20 Low

Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot (DOT) has fallen to the June 10 historical price level as it returns to the $4.20 low. Furthermore, the market has hit the oversold region. Polkadot fell to a low of $4.20 on August 17 as bulls purchased the dips. At the time of writing, the altcoin is trading at $4.50. Since August 17, the upward movement has been met with resistance at the high of $4.55.

In other words, the altcoin’s price is range-bound between $4.20 and $4.55. If buyers overcome the initial resistance at $4.55 or the moving average lines, the altcoin will resume its upward trajectory. On the negative, the altcoin is in an oversold position, and additional declines in the cryptocurrency are improbable.

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

Polkadot (DOT) Indicator Analysis 

Polkadot touched the oversold territory before retreating to Relative Strength Index level 32 for period 14. The altcoin is rising over level 80 of the daily Stochastic. The altcoin has hit bullish fatigue and is expected to decline. The lower time frame price bars are between the moving average lines, which may compel the altcoin to undertake a range-bound move. 

What Is the Next Direction for Polkadot (DOT)
Polkadot will be forced to move in a range for a few days as it returns to the $4.20 low. Furthermore, the altcoin’s price has been range bound between $4.20 and $4.55. As it meets rejection at the $4.55 high, it is expected to retrace to the lower price range. The coin has dropped to the bottom of the chart.

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