Polkadot Fluctuates Below $6.60 but Targets the $8.00 High

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RESULTS

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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot (DOT) price is once again on the rise as it targets the $8.00 high. The cryptocurrency’s price has been making a series of higher highs and higher lows for a while now. Although the altcoin has broken above the moving average line, it is now falling as it encounters resistance at the $6.60 high. Despite a slower growth rate, the DOT price is currently $6.44. The price indicated another upward movement if the current resistance is broken. A retraced candle body tested the 50% Fibonacci retracement level during the upswing on March 14. According to the retracement, DOT will increase to level 2.0 of the Fibonacci extension, or $7.86. DOT is currently trading at $6.62, according to price movement.

Daily Chart Indicators Reading:
According to the Relative Strength Index for period 14, Polkadot is currently trading at level 54. It implies that the price of the altcoin might rise further. The price bar may drop below the 21-day moving average lines despite being above the moving average line.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4-hour chart, the altcoin is gliding beneath the $6.60 resistance. The price of cryptocurrencies has been tested and rejected three times at the $6.00 resistance level. DOT price has dropped to the lines of the moving average. Probability indicates that the coin will have to trade in a range between the moving average lines.

4-hour chart Chart Indicators Reading
DOT is in a bullish momentum over the daily Stochastic level of 40. The upward-sloping 21-day and 50-day SMA lines show an uptrend. The price bars are trapped by the moving average lines.

General Outlook for Polkadot (DOT)
Polkadot is unable to resume an upward trend but targets the $8.00 high. The current trend will continue if the price moves higher than the resistance lines. The cryptocurrency asset will be forced to move in a range if it is unable to break the resistance level.


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