Polkadot Faces Major Buying Demand as It Remains Above $9.00

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot’s (DOT) upward correction failed above the moving average lines as it remains above $9.00. On March 5, the altcoin reached a high of $10.75 but dropped sharply above the 21-day SMA. The selling pressure is moving towards the 21-day SMA.

Polkadot will fall below the moving average lines if the 21-day SMA support level is crossed. During the latest price increase, the altcoin fell below the moving average lines, hitting a low of $6.29. The altcoin is now worth $9.37.

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

Daily Chart Indicators Reading:
Following the current decrease, DOT price bars are now above the moving average lines. However, the selling pressure is still pointing toward the 21-day SMA. The price target will be decided when the 21-day SMA support is violated or held.

On the 4-hour chart, the DOT price is caught between the moving average lines, indicating a potential range-bound movement for the cryptocurrency.

General Outlook for Polkadot (DOT)
Polkadot is trading above the moving average lines as it remains above $9.00. The latest fall has reached the breakthrough price of $9.58. The altcoin will rise if the existing support holds. If the altcoin loses its support at $9.00, the crypto signal will become negative.

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