Polkadot Bounces Above $8.00 but Faces More Rejections

Polkadot (DOT) Price Long-term Trend: Bearish

Polkadot’s (DOT) price has fallen below the 21-day SMA as it faces more rejections. This will be the second time the altcoin has been rejected after hitting the $12 resistance zone. On March 14, the DOT price rose to a high of $11.85 before being repulsed. The altcoin fell below the moving average lines and reached its lowest price of $4.00.

On December 4, the altcoin surged to a high of $11.65 and tested the resistance zone. The cryptocurrency price fell below the 21-day SMA before recovering to retest it. Polkadot will resume its bullish trend once it breaks above the 21-day SMA and the resistance level at $9.00. The altcoin will test its prior high of $12.00. The DOT price is anticipated to fall further as it meets rejection at the 21-day SMA and the $9.00 high. DOT prices will fall above the 50-day SMA, or $6.90 low.

Technical indicators:  

Key Resistance Levels: $10, $12, $14
Key Support Levels: $5, $3, $1

Polkadot Indicator Analysis 

The DOT price lies between the moving average lines. The cryptocurrency price has been rejected at the 21-day SMA. This points to a likely fall in the cryptocurrency above the 50-day SMA. On the 4-hour chart, DOT price action is defined by Doji candlesticks, which limit price movement.

General Outlook for Polkadot (DOT)

On the 4-hour chart, Polkadot is declining above the $8.00 level as it faces more rejections. The moving average lines and resistance at $9.50 have resisted the upward surge. If the DOT price loses its support, it will fall to the $6.00 low. The crypto signal is bearish, with rejection at the recent high.

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