Polkadot Bulls Stall Decline as It Holds above $5.98 Low
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price has been in a downward move as it holds above $5.98 low. For the past week, Polkadot has been trading above the $5.98 support. It is unclear if the selling pressure will persist. Since July 13, sellers have been unable to break below the $5.98 support. Nonetheless, Polkadot will regain bullish momentum each time, it reaches the crucial support level. A break below the current support will push the altcoin to the low of $4.00. In the same vein, buyers have failed to keep the price above the moving average lines since August 19. DOT/USD has been range bound between $6.00 and $8.00 price levels.
Polkadot (DOT) Indicator Analysis
Polkadot is approaching the oversold region as it reaches level 38 of the Relative Strength Index for period 14. There is a tendency for the altcoin to further decline. The cryptocurrency is also below the 20% range of the daily stochastic. The price indicator has confirmed Polkadot as being oversold. The current selling pressure has reached bearish exhaustion.
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 a sideways move as it holds above $5.98 low. The price action is characterized by small body indecisive candlesticks called Doji. On the September 27 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that DOT will fall to level 1.618 Fibonacci extension or $6.04.
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