Polkadot Faces Rejection at $5.00 as Bullish Impetus Hits Its Limit

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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot (DOT) is rising and has reached the projected price of $4.98 as bullish impetus hits its limit. The bullish momentum has broken above the resistance of $4.80, reaching a high of $5.00. The cryptocurrency has achieved the 1.618 Fibonacci extension, or $4.98.

If the upward momentum continues, the altcoin will reach its previous high of $5.60. Selling pressure will return if the price retraces and closes below the $4.80 support level. DOT/USD will fall and return to its prior low of $4.20.

Meanwhile, Polkadot has reached a high of $5.00, which is the August 8 historical price level. If purchasers keep the price over $5.00, the coin will rise to a high of $5.60. Buyers may resume a sideways trend if they are unable to break through the current high.

Daily Chart Indicators Reading:
Polkadot is in an uptrend, as seen by price bars and the moving average lines pointing northward. Since November 1, the altcoin has had a bullish crossover. When the 21-day SMA crosses above the 50-day SMA, it is time to place more bullish orders.

Nonetheless, the bullish impetus has hit its limit.

General Outlook for Polkadot (DOT)
Polkadot is on a bullish trend and is approaching overbought territory as bullish impetus hits its limit. The altcoin has entered the market’s overbought zone. As the market hits the expected price level, further upward movement of the currency is doubtful.

Furthermore, the bulls have yet to break through the current high since August 8.

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