The price of Polkadot (DOT) has come under renewed selling pressure after being rejected at $10.79. The altcoin could have risen to the high of $12 if the resistance was broken.
Subsequently, the cryptocurrency would rise to the high of $16. However, the selling pressure is overwhelming as the uptrend is restricted below the 21-day line SMA.
The decline is likely to continue to the low of $8.00. Originally, the cryptocurrency was moving in a range between $8 and $12 since May 12. The altcoin could reach the lower price range of $8 again. The altcoin will remain pegged between $8 and $12 price levels if the current support holds. However, if the current support is broken, the altcoin will regain the previous low of $7.18.
The cryptocurrency is at level 39 of the Relative Strength Index for the period 14. It is in the downtrend zone, falling and approaching the low of the support at $8. DOT is below the 40% area of the daily stochastic. The market has resumed its bearish momentum. The moving averages are sloping south, indicating a downtrend.
Major Resistance Levels - $28 and $30
Major Support Levels - $16 and $14
Polkadot is in the process of retreating to the lower $8 price area, which has held since May 12. Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the price of DOT will fall to the level of 1.272 Fibonacci extension or the level of $ 4.95.
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.