Polkadot Price Prediction for June 3: DOT Price Struggles Below $10

Polkadot has been struggling below the $10 price level in today’s market. However, DOTUSD has been on a generally downward trend for some time. The coin is trading near the oversold region: below 40 levels on the RSI indicator.

Polkadot Statistics
Plkadot Current Price – $9.40

Polkadot market Capitalisation – 9.3 billion

Polkadot Circulating Supply – 987.6 million

Polkadot Total Supply – 1.1 billion

Polkadot Coinmarketcap Ranking – 11

Price Levels:
Resistance: $19.76, $23.25, $28.44

Support: $15.89, $14.11, $6.84

Polkadot Price Activities
Polkadot has been generally sliding downwards: in the price channel since April. There have been situations in which the crypto price appears to fall sharply: breaking the price channel to the downside. However, the price action has respected the channel ceiling so far, as it was only tested but not broken. Since May till date, Polkadot has been trading within the $8 – $11 price levels

Currently, Polkadot price action is moving sideways, making the market appear undecided. From this point, if the market price action should cross the 21-day MA to the upside, and if the 21 and 50-day MA should eventually cross each other below the price action, the price will rally. Buyers are needed to break the channel resistance, pulling the price action above the 21 days MA, and subsequently bringing the 21 & 50-MA’s to cross below the price action. Should buyers fail in their task, DOT will resume a downward slide within the channel.

Conclusion
In the meantime, the price action remains below level 40, closer to the oversold region on the RSI. This implies that the market remains undecided: it could progress to the oversold or overbought region.