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Key Resistance Levels: $10, $12,$14
Key Support Levels: $5, $3,$1
Polkadot (DOT) Price Long-term Trend: Bearish
The price of Polkadot (DOT) has remained within a constrained price range after its rejection at $4.30. The cryptocurrency asset has been trading in a narrow range between $3.91 and $4.10 price levels in the most recent price action.
In other words, the 21-day SMA has stopped the price from moving higher. Polkadot surged during the breakout, rising above the moving average lines to a high of $4.30. The recent high or the 50-day SMA resisted the positive momentum.
The DOT pricing is back in its normal range today. The price of the cryptocurrency at the time of writing is $4.05. Polkadot is currently bouncing over the $4.00 support.
Daily Chart Indicators Reading:
The price bars have retreated below the moving average after being rejected at the most recent high. The bears will attempt to sink the altcoin because the price bars are below the moving average lines. The selling pressure has peaked as the coin moves toward the oversold region. We anticipate sales at these decreased prices.
General Outlook for Polkadot (DOT)
Polkadot continues to trade at the bottom of the chart after its rejection at $4.30. If buyers enter the oversold area of the market, the crypto asset is likely to increase in value. The market dropped to a low of $3.95 yesterday as the bears retested the area of support.
The bulls have taken advantage of the dips as the sideways movement continues.
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