Polkadot Price Analysis – June 13
DOT/USD has lost 2.14% over the last 24 hours and its struggle in the market has entered its 4th day.
Resistance levels: $28, $30, $32
Support levels: $14, $12, $10
The Polkadot Price has been quite impressive in the last few months. It showed a great improvement in prices and even in terms of market capitalization. In fact, the future of the coin looks brighter than ever. A few days ago, the coin was busy moving down and there are many cryptos in the market that are opening at a loss. DOT/USD was also one of them. However, it recovered this morning but has fallen again.
Polkadot Price Analysis: What could be the Next Direction?
The daily price still trends below the 9-day and 21-day moving averages and the bulls will have to push the price above the moving averages to reach the resistance levels at $28, $30, and $32. Meanwhile, as the coin remains on the negative side, any further bearish movement towards the lower boundary of the channel could hit the support levels at $14, $12, and $10 respectively.
Furthermore, the long-term outlook still remains bearish for DOT/USD pair as the technical support Relative Strength index (14) is seen crossing below 40-level which provides more selling opportunities for the market.
DOT/BTC Market: Consolidating to the Downside
Against BTC, the DOT market has moved for a while in a very different way. At the moment, both the bulls and the bears are trying to decide who will take charge while trading below the 9-day and 21-day moving averages, and falling below the lower boundary of the channel could increase the bearish movement as the Relative Strength Index (14) is likely to cross below 40-level.
However, if the bears succeed in breaking down the price, traders would expect the market to fall to support level at 4200 SAT and below. Meanwhile, a rebound could push the price back above the 9-day and 21-day MAs to hit the resistance level of 7500 SAT and above. Therefore, if the scenario is not done, the market will continue to follow the sideways movement.