Polkadot price Forecast: DOT price bearishly rejected

By August 19, 2022Polkadot
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The Polkadot price reached around 9.7 USD and met bearish rejection at the Golden Ratio resistance. But now DOT is gaining support.

The Polkadot price was bearishly rejected at the Golden Ratio resistance

DOT Price Chart by Tradingview

In the last Polkadot price forecast, just three days before the Polkadot price had reached its peak at around 9.7 USD, we wrote: “The DOT price is currently encountering significant resistance at the Golden Ratio at around 9.7 USD, where the DOT price could be rejected. Then the DOT price could correct to the Fibonacci supports at around $ 8.1 and $ 7.3.

Since then, the Fibonacci supports have shifted slightly and Polkadot is now encountering significant support between the 0.382 Fib level at around 8.25 and the 50-day EMA at around $8.4.

In addition, the histogram of the MACD ticks bearishly lower in the daily chart and the MACD lines are also crossed bearishly. The RSI is neutral.

The Polkadot rate could now correct to $ 7.4

DOT Price Chart by Tradingview

If the DOT price breaks the current support between 8.25 and 8.4 USD bearish, the next significant Fibonacci support is waiting for Polkadot at around 7.4 USD. Although it looks like a correction in the medium term, the DOT price is still strongly bullish in the medium term.

Thus, the histogram of the MACD has been ticking bullish higher for weeks and the MACD lines are also crossed bullish. The RSI is also neutral here.

Will the DOT price fall even lower?

DOT Price Chart by Tradingview

However, the DOT price is only really bullish when it breaks the golden Ratio bullish at around 17.5 USD at the 50-week EMA. Should Polkadot break the support at around $7.4 bearish, Polkadot could return to horizontal support between $6 and $6.8.

Polkadot will soon find support against BTC

DOT Price Chart by Tradingview

Against BTC, the MACD is also clearly bullish on the weekly chart, because the histogram ticks bullish higher and the MACD lines are crossed bullish. Nevertheless, the DOT price is in a correction in the short term.

At around 0.000352 BTC and at around 0.000032 BTC, the DOT price encounters significant Fibonacci supports.

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