Polkadot Hovers above $6.53 as the Price Fall Ends

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price is trading below the moving averages as the price fall ends. The historical price level of $6.53, reached on January 3, 2024, marked the end of the price slump. For the past two weeks, price movements have hovered above the present support of $6.53.

Polkadot is currently trading in the $6.53 to $8.00 price range. The bears have retested the present support three times and bounced back. Following the pullback, a long candlestick tail appears. It suggests that the bulls have defended their present support level.

Polkadot will fall above the breakthrough level of $5.87 if the bears break below the existing support.

Daily Chart Indicators Reading:
Both charts show price bars below moving average lines. This points to a greater drop in the coin. On the daily chart, the 21-day SMA is sloping down and attempting to pass below the 50-day SMA. Price movement is slowing due to the emergence of Doji candlesticks.

General Outlook for Polkadot (DOT)
Polkadot is trading in a bearish trend zone as the price fall ends. The crypto asset has pulled back and is consolidating above the $6.80 support. It is currently rising as it retests the $7.00 resistance level or the 21-day moving average.

If the altcoin recovers above the present support level, positive momentum will resume. This will cause the coin to surge above the moving average lines, or the resistance at $7.00.

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