Polkadot Bounces Back but Is Unable To Hold the $6.00 High

Key Resistance Levels: $10, $12, $14
Key Support Levels: $8, $6,$4

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) price rebounds but is unable to hold the $6.00 high. The cryptocurrency asset will resume a positive trend once the price rises over the moving average lines and the $6.50 barrier mark. As a result, the DOT price will increase and reach its previous high of $7.88. But, because of the current upward trend, the market is presently overbought. It is unlikely that the currency will keep increasing in value. Upon rejection of the $6 high, the price will once more begin to decline. Polkadot’s cost will decrease to $5.50.

Daily Chart Indicators Reading:
Polkadot picks up steam as it approaches the Relative Strength Index level 46 for period 14. The cryptocurrency remains in a bearish trend zone despite the comeback. The DOT price bars are just below the moving average lines, indicating more decline.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4-hour chart, the altcoin has surpassed the moving average lines and is approaching the $6.05 high. The rising advance could be fleeting if the coin gets close to the overbought area. The altcoin may collapse above the $5.50 breakout level.

4-hour chart Chart Indicators Reading
The altcoin has reached an overbought level. It is above the daily Stochastic level of 80. The price bars are above the moving average lines, indicating that the crypto price is likely to rise. The downward slope of the moving average lines indicates a downturn.


General Outlook for Polkadot (DOT)
Polkadot is currently trading below $6.00 but is unable to hold the $6.00 high. The rising trend is being met with resistance near the $6.05 high. Sellers will emerge in the overbought region to drive down prices.

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