Polkadot (DOT) May Be Facing Downward Pressure at the 21-Day MA Line

Polkadot has seen moderate profits in today’s trading, with its price increasing by approximately 3%. However, there are signs that the price increase might encounter some restraint, as indicated by technical indicators. Despite this, it seems the resistance faced may not be strong enough to prompt buyers to retreat.

DOT Statistics:
Current DOT Value: $6.88
Polkadot Market Cap: $8,694,297,460
DOT Circulating Supply: 1,272,858,762
Polkadot Total Supply: Infinite
DOT CoinMarketCap: 12

Key Price Levels:
Resistance: $6.88, $7.00, and $8.00
Support: $6.00, $5.00, and $4.00

Polkadot bulls might surpass the 21-day Moving Average

Price action in the DOT daily market has maintained an upward trajectory since rebounding off the $6.00 support. The ongoing session tested the 21-day Moving Average (MA) line as resistance, resembling a spinning top price candle. This suggests a struggle between upside and downside forces.

Despite this, buyers are leading, as evident from the color of the corresponding price candle. Additionally, the Stochastic Relative Strength Index (SRSI) lines are upward, indicating active upside forces. Note a slight deflection in the leading line of the SRSI, possibly reflecting the ongoing struggle between price forces.

DOT Struggles to Maintain Upside Hopes

In the Polkadot 4-hour market, price action surpassed the 21-day MA line. However, movement above this indicator line experienced a modest downward correction, as seen in the last price candle. The current session almost nullified gains from the previous session.

The SRSI indicator line suggests a potential upside, but it appears choppy and might signal a bearish crossover. Caution is advised regarding coming up with crypto signals with targets above the

mark in this market.

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