DOT/USD Price Dips Below $18 Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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Polkadot Price Analysis – February 22
Polkadot (DOT) keeps hovering below the moving averages as the coin trades at the $16 level.
DOT/USD Market
Key Levels:
Resistance levels: $20, $22, $24
Support levels: $12, $10, $8
In the early hours of today, DOT bulls were rejected around the $16.7 level as the coin is seen dropping towards $15 support. The price is sliding below the 9-day and 21-day moving averages, but the technical indicator Relative Strength Index (14) indicates increasing bearish momentum as the signal line moves to cross into the oversold region, suggesting that the market sentiment is presently bearish.
Polkadot Price Analysis: DOT Price May Drop More
Currently, the Polkadot price is changing hands at $16.2 where it faces down, but if the Polkadot price rises and trades above the 9-day and 21-day moving averages, the coin may begin its upward movement to retest the previous high. Moreover, the nearest resistance levels could be found at $20, $22, and $24 while the support levels are located at $12, $10, and $8 respectively giving a low trading volume.
DOT/BTC Market: Consolidating to the Downside
When compared with Bitcoin, the Polkadot price is currently dropping and trading below the 9-day and 21-day moving averages as the coin continues the bearish run. However, the next level of support may surface at 4000 SAT and then locate further key support at 3500 SAT and below if the sell-off later becomes huge.
On the upside, if the bulls gather enough momentum to push the price above moving averages; Polkadot could face the resistance level of 4800 SAT. Any further bullish movement above this level could hit the potential resistance at 5000 SAT and above while the signal line of the technical indicator Relative Strength Index (14) moves into the oversold region and if it continues to face the downtrend, it may bring more bearish pressure into the market.
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