Polkadot Advances but Battles the Barrier at $6.20

Key Resistance Levels: $10, $12, $14
Key Support Levels: $8, $6,$4

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) price corrects higher but battles the barrier at $6.20. The bearish momentum has weakened above the $5.77 support as the altcoin begins to move upward once more. At the time of writing, the DOT price is now $6.15. The altcoin’s positive trend has resumed again to the upswing. The moving average lines or the $7.00 resistance level may stop the current rising movement. There has been no violation of the $7.00 resistance level since February 7. Polkadot will keep moving sideways between $5.50 and $7.00, where the bullish scenario is rendered meaningless.

Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, Polkadot is at level 39. The cryptocurrency asset is in a downward trend and is likely to continue to decrease. Despite the upward reversal, the price bars are below the moving average lines. The coin might continue to fall.

Polkadot (DOT) Medium-term Trend: Bearish
The price of Polkadot is rising on the 4-hour chart. The price of the cryptocurrency has surpassed the moving average lines. If the bullish momentum continues above the moving average lines, the altcoin will have exited its downward slump. DOT pricing is currently in an overbought area of the market. The coin will probably fall out.

4-hour chart Chart Indicators Reading
Polkadot is trading in the overbought area of the market while being in the bullish trend zone. The daily Stochastic coin is at a level higher than 80. In the overbought portion of the market, sellers could appear. The decreasing slope of the moving average lines indicates a decline.


General Outlook for Polkadot (DOT)
Polkadot is below the moving average lines but battles the barrier at $6.20. The altcoin may fall considerably further if it is rejected at its most recent peak. The barrier close to the 6.20 high is preventing the altcoin from advancing.

You can purchase crypto coins here. Buy LBLOCK

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing