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Polkadot Bulls Holds $7.18 Support as the Altcoin Resumes Upward

Analytics

coinidol.com 18 June 2022 11:32, UTC
  
Reading time: ~2 m

On June 13, Polkadot (DOT) fell and retested the previous low of $7.18 and retreated. After retesting the previous low, the bears are eager to break it. The bulls defended the support of $7.18 last month.

On the upside, buyers were constrained by the 21-day line SMA. On June 15, the bulls met tough resistance at the recent high as the altcoin fell to the previous low. If the bears fall below the current support, Polkadot will drop to the previous low at $2.68. In the meantime, Polkadot is fluctuating between $6.35 and $8.50 price levels.

Polkadot indicator analysis

The altcoin is at level 36 of the Relative Strength Index for the period 14. It is in the downtrend zone and approaching the oversold area. The cryptocurrency price is below the moving averages, indicating a further decline. DOT is above the 25% area of the daily stochastic. The moving averages are sloping south, indicating a downtrend.

Technical indicators:  

Major Resistance Levels - $28 and $30

Major Support Levels - $16 and $14 

What is the next direction for Polkadot?

Polkadot is hovering above the previous low of $7.18. The cryptocurrency risks another decline above the previous low. Meanwhile, on May 11 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that the price of DOT will fall to the level of the Fibonacci extension of 1.618 or to $2.68.  

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.


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