Polkadot Fights Over $8 as Seller Put Up Stiff Resistance
Jul 30, 2022 at 09:19 //
PriceThe price of Polkadot (DOT) has risen above the $6.65 support and recovered to the $8.25 high.
Long-term analysis of Polkadot price: Bullish
In the last 48 hours, buyers struggled to keep the price above the $8 resistance zone. This price trend has been observed since June 15.
Since June 15, the upward movement has been slowed down by the 21-day line SMA. In addition, the market has been falling above the $6 support on each decline.
However, on July 27, a rally catapulted the altcoin above the recent high. If the bulls manage to break through the $8 resistance and maintain the upward momentum, the market will rally to the $12 high. Conversely, if the cryptocurrency meets rejection at the recent high, the price of DOT will decline to the current support above $6.
Polkadot indicator analysis
The DOT price is at the 60 level of the Relative Strength Index for the 14 period, indicating that the price is in the bullish trend zone and further upward movement is possible. The price of the cryptocurrency is above the 21-day line SMA and the 50-day line SMA, which indicates that the cryptocurrency will continue its upward movement.
DOT is above the 80% area of the daily stochastic. This indicates that the market has reached the overbought area. The altcoin is likely to fall.
Key resistance zones: $10, $12, $14
Key support zones: $8.00, $6.00, $4.00
What is the next direction for Polkadot?
Polkadot is in an uptrend, but it is struggling to resume an uptrend above the $8 support. The uptrend is doubtful as the market has reached the overbought zone. The altcoin will continue its downward correction if it encounters rejection at the recent high.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow