Polkadot Bounces Back after Plunging above $3.60

Polkadot (DOT) Price Long-term Trend: Bearish

Polkadot (DOT) recovers from its lowest price level after plunging above $3.60. The DOT price dropped to $3.60 on February 3 and then recovered. In the same vein, DOT fell to $3.67 on November 4, 2024, before rising again. On December 4, 2024, the bullish momentum surged over the moving average lines and reached a high of $11.65.

The altcoin is increasing today as it approaches the $4.83 peak. The moving average lines are likely to reject the upward rise. The altcoin will be forced to be range-bound below the moving average lines if it is rejected at those points. When buyers maintain the price above the moving average lines, the bullish trend will start. The DOT fee is $4.82 as of this writing.

Technical indicators:  

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

Polkadot Indicator Analysis 

The chart’s bottom has seen a considerable decline in the moving average lines. The sideways move at the bottom of the 4-hour chart is shown by the horizontal moving average lines. Although the price bars are below the 50-day SMA, they have broken above the 21-day SMA.

General Outlook for Polkadot (DOT)

Polkadot has experienced bearish weariness after plunging above $3.60. On the 4-hour chart, the altcoin trades above the $4.20 support but between the moving average lines. The price of DOT is below the 50-day SMA but above the 21-day SMA. When the price of the altcoin surpasses the 50-day SMA, it will increase. The altcoin will reach $6.40, its previous peak.

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