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POLKADOT Price Analysis: DOT Token Price Opposed By All EMAs Supported Only From The $18 Level

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  • Dot token price has fallen 4.57% within the past 24 hours under the influence of a short-term correction trend line.
  • In the daily technical chart, the coin price is trading beneath all significant EMAs.
  • The DOT/BTC pair trades at 0.005877 BTC with an intraday gain of +1.01%.
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DOT token price has been resonating between the $18 and $29 mark, providing many trading opportunities. The coin price has recently bounced back from the weekly 20 EMA within the range and might soon find demand near the $18 level. 

The crypto asset struggles to rise above the weekly 20 EMA generating long wicks implying higher price rejection. The trading volume in the weekly chart has been declining ever since the price started trying to enter the recovery phase. 

Presently, the DOT coin price is valued at $21.17, with an intraday fall of 4.00% in the market cap. The trading volume has increased 8.61% in the past 24 hours, implying a possible expansion of the accumulation range. 

The coin price ranks among the Top 10 cryptocurrencies with a market dominance of 1.34%. 

DOT Token $18 Support Level Takes On All The Significant EMAs

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DOT Token price action has formed a descending triangle in the daily technical chart. The coin price is diving deeper inside the pattern with declining trading volume under the 20 MA. 

The support level of $18 has managed to push the price higher, but the increasing bearishness might break this level soon. 

The coin price might find support from the $8 and $5 mark soon after the fall, limiting any further collapse in coin price. However, in the extraordinary case of a bullish breakout, the coin price may find resistance from the $29 and $40 mark.

The coin price is trading beneath all the significant EMAs in the daily technical chart, and the recent bearish crossover of 50 and 100 EMA may fasten the fallout of the $18 level. 

The RSI (bearish) indicates bearish momentum as the RSI line dips and heads towards the oversold zone.

The ADX indicates a loss in momentum as the ADX line is moving sideways. 

Conclusion – DOT coin price struggles within the descending triangle opposed by all the critical EMAs and supported only by the $18 level, projects very slim chances of a bullish future. 

Support- $18 and $8

Resistance- $29 and $40