Polkadot Holds above $7.30 as It Reaches Bearish Weariness

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price stays between the moving average lines as it reaches bearish weariness. On January 11, buyers sought to keep the price above the 21-day simple moving average but were met with resistance at $8.50.

In addition, the bears have retested the 50-day SMA three times without breaking down. Buyers are defending the 50-day SMA to the downside. The lengthy candlestick tails on January 3 imply significant buying above the 50-day SMA support.

Polkadot faces an additional drop due to its rejection at the peak of $8.50. The coin will drop to a low of $7.00 before reversing.

Daily Chart Indicators Reading:
Since January 3, Polkadot has been trapped between the moving average lines. A range of fluctuations has been observed in the cryptocurrency in anticipation of a future trend. On the 4-hour chart, the moving average lines are sloping horizontally following two rejections at the $8.50 high.

General Outlook for Polkadot (DOT)
Polkadot consolidates above the $7.30 support as it reaches bearish weariness. The current price range is $6.70 to $8.50. The altcoin is declining as it approaches the current support. On the 4-hour chart, the price action is dominated by the Doji candlestick.

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