Polkadot Drifts Sideways and Retests the $4.40 Support Zone

Polkadot (DOT) Price Long-term Trend: Bearish

The price of Polkadot (DOT) has been drifting laterally above as it retests the $4.40 support zone. After striking the 21-day SMA on February 12 and 14, the bullish momentum was rebuffed. If purchasers had driven the price above the moving average lines, the positive trend would have continued. Polkadot would have reached the next resistance level at $7.58.

It is falling as it approaches the current support level of $4.50. The price will continue to decline if the bears break below the $4.50 support. DOT will decline and return to the $3.60 low. However, the altcoin will continue to go sideways if the current support holds. The 21-day SMA will be retested as the DOT price rises. The DOT pricing as of this writing is $4.74.

Technical indicators:  

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

Polkadot Indicator Analysis 

The 21-day SMA represents the price resistance, and the 21-day and 50-day SMAs are sliding downward. This horizontal trend indicates that Polkadot is trending sideways. The existence of Doji candlesticks has restricted the price movement.

General Outlook for Polkadot (DOT)

Polkadot is trading at the chart’s bottom as it retests the $4.40 support zone. The altcoin has continued to fluctuate sideways between $4.40 and $5.40. The range-bound levels have not been broken by either the bulls or the bears. The drop has paused above the support level of $4.60. The crypto signal is currently range-bound due to the appearance of the Doji candlesticks.

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