Polkadot Bounces Back but Faces Resistance at $3.80

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price has reached bearish exhaustion as it bounces back but faces resistance at $3.80. . However, the $3.77 barrier has stalled the price’s upward momentum. As a result, the altcoin is compelled to trade in a narrow range between $3.60 and $3.80.

The Doji candlesticks have slowed the price movement. Once the range-bound levels are broken, the coin will trend. Polkadot is trading at the chart’s bottom on the downside. The crypto asset is also oversold. The resistance at $3.80 will be broken if the price rebounds above the existing level.

The upward trend will continue until a high of $4.10.

Daily Chart Indicators Reading:
Polkadot will continue to rise as long as the price bars are above the moving average lines. When the price bars are above the moving average lines, the altcoin will restart its positive trend. The price bars are situated between the moving average lines in the smaller time range.

In other words, the movement will be range-bound for a few days.

General Outlook for Polkadot (DOT)
Polkadot is currently trading above the $3.60 support but faces resistance at $3.80. Before the $3.80 support, the price indication had indicated a possible drop and reversal. Nonetheless, the bears broke through the $3.80 support, which is now a resistance level.

When the initial resistance level is broken, the altcoin will resume a bullish run.

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