Polkadot Price Analysis – December 20
The Polkadot (DOT) is currently dropping below $25 over the past few hours and its struggle in the market has entered several days.
Resistance levels: $30, $32, $34
Support levels: $20, $18, $16
DOT/USD is currently hovering below the 9-day and 21-day moving averages as there are many cryptos in the market that are opening at a loss too. The Polkadot (DOT) happened to be one of them. However, the coin has not been able to recover at the moment but falling again.
Polkadot Price Analysis: DOT/USD Is Likely to Drop More
The daily price is still trending 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 $30, $32, and $34. 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 $20, $18, and $16 respectively.
Moreover, according to the daily chart, the long-term outlook for the coin still remains bearish as the technical support Relative Strength index (14) is ranging below 40-level likely to cross into the oversold region which could provide more selling opportunities for the market.
DOT/BTC Market: Price Remains at the Downside
Against BTC, the DOT price has been facing the downward movement. At the moment, the bears are really taking charge of the market 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) stays below 40-level.
However, if the bears succeed in breaking below the lower boundary of the channel, traders would expect the market to fall to support level at 4500 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 6000 SAT and above. Therefore, if the scenario is not done, the market may begin to move sideways.