Polkadot Bounces Back But Faces Resistance At $6.60

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot (DOT) has been increasing since it dropped to $4.90 on July 5 but faces resistance at $6.60. The cryptocurrency asset has rallied above the moving average lines, reaching a high of $6.48. However, the bullish momentum has been halted around the $6.50 high.

The bullish trend will continue if the DOT price retraces and remains above the moving average lines. If the bears break below the moving averages, the cryptocurrency will fall to a low above $6.00.The crypto asset’s recovery will continue if the bulls keep the drop above the 50-day SMA.

On July 21 and 22, the cryptocurrency price retested the 50-day SMA support and pulled back. This suggests that the cryptocurrency may be on its way up. Polkadot is currently worth $6.32.

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

Daily Chart Indicators Reading:
Since July 19, the price bars have remained above the moving average lines. The altcoin bounces whenever it retests the moving average lines. On the 4-hour chart, price bars fluctuate between the 21-day and 50-day moving average lines. On July 5, the lengthy candlestick tail shows significant buying pressure at $4.90.

 General Outlook for Polkadot (DOT)
The price range for Polkadot’s 4-chart is $5.80 to $6.60 but faces resistance at $6.60. Since July 2, the upward movement has been halted by opposition at $6.60.During the last rejection, the altcoin fell to a low of $4.90 before recovering. The crypto signal has been a range bound move as the resistance remains unbroken.

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