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Polkadot (DOT) Trades Marginally as It Faces Rejection at $22

Polkadot (DOT) Trades Marginally as It Faces Rejection at $22

DOT Key Highlights as It Faces Rejection at $22

  • Polkadot faces stiff resistance at $22
  • DOT price targets the $26 high
  • The bullish momentum subsides as the market reaches an overbought region

Polkadot ( DOT) Current Statistics as It Faces Rejection at $22

The current price: $22.05
Market Capitalization: $24,141,182,112
Trading Volume: $1,483,963,502
Major supply zones: $48, $52, $56
Major demand zones: $32,, $28, $24

Polkadot (DOT) Long-Term Analysis: Bullish

Polkadot’s (DOT) uptrend is stalled at the recent high as it faces rejection at $22. For the past three days, buyers have been struggling to break above the recent high. On August 11, the bulls retested the resistance twice but were repelled. Polkadot fell to $19.95 low and resumed upward to retest the resistance level. The crypto’s price action is characterized by small body indecisive candlesticks called Doji and Spinning tops.

The candlesticks describe the indecision between buyers and sellers as the altcoin continues to trade marginally. On the upside, if buyers overcome the resistance at $22, the market will rise to $26 high. The bullish momentum will extend to the high of $30. However, the crypto is likely to face stiff resistance at the $26 and $30 price levels. Conversely, if the crypto faces rejection at the current resistance, the DOT price will fall and resume range-bound move below the resistance level.

 Polkadot (DOT) Trades Marginally as It Faces Rejection at $22
DOT/USD – Daily Chart

Polkadot (DOT) Indicator Analysis

The crypto is at level 69 of the Relative Strength Index period 14. The current bullish momentum is likely to subside as the market reaches the overbought region. DOT price may fall as sellers emerge in the overbought region of the market. DOT price is in a bullish momentum as the alt is above the 78% range of the daily stochastic. The 21-day and 50-day SMAs are pointing northward indicating the uptrend.

What Is the Next Direction for Polkadot (DOT) as It Faces Rejection at $22

Presently, Polkadot is in a sideways move as it faces rejection at $22. The bulls are finding penetration difficult at the recent. The uptrend will resume once the resistance level is breached. In the meantime, the crypto is in a sideways move below the resistance.

DOT/USD – 4 Hour Chart


Also Read: Polkadot (DOT) Pushes on Upside as Bulls Gain More Grounds


Note:  Crypto-academy.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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