Polkadot Backtracks After Receiving a Harsh $7.00 Rejection

Key Resistance Levels: $10, $12, $14
Key Support Levels: $18, $6,$4

Polkadot (DOT) Price Long-term Trend: Bullish
The price of Polkadot (DOT) is declining after receiving a harsh $7.00 rejection. The cryptocurrency’s price is attempting to break through the $7.00 barrier.If the bullish momentum is maintained above the resistance level, the cryptocurrency asset will once again reach its previous high of $7.41. The DOT price will instead drop to the previous low if the bullish momentum is broken at the most recent high. The altcoin will retest its previous low of $6.00. If the altcoin retraces and finds support above the $6.00 support, DOT/USD will be forced to move in a range. As of this writing, DOT/USD is trading at $7.16.

Daily Chart Indicators Reading:
For period 14, Polkadot is at level 65 of the Relative Strength Index. As long as the coin trades in the bullish trend zone, the uptrend will continue. The price increase is the result of the price bars being above the moving average line. The upward slope of the moving average lines indicates an uptrend.

Polkadot (DOT) Medium-term Trend: Bullish
On the 4-hour chart, the Yen is in an uptrend. The altcoin is likely to decline as it reached the overbought region at level $7.00. DOT price will decline if sellers emerge in the overbought region.

4-hour chart Chart Indicators Reading
It is currently in a bullish momentum above level 80 of the daily Stochastic. Polkadot is in the overbought region of the market. The crypto’s price has reached bullish exhaustion. Further upward movement is unlikely.


General Outlook for Polkadot (DOT)
Polkadot reaches bullish exhaustion after receiving a harsh $7.00 rejection. The upward trend has reached the overbought zone. As sellers start to appear in the overbought area of the market, prices could decline. After reaching the overbought area of the market, the current uptrend is now retracing.



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