Polkadot Is in a Narrow Range but Faces Rejection at $7.30

Polkadot (DOT) Price Long-term Trend: Ranging
Polkadot’s (DOT) price has continued to trade between $6.20 and $7.70 but faces rejection at $7.30. The price of the DOT will drop below the moving average lines each time the resistance level is retested. However, if buyers overcome the resistance at $7.70, DOT will rise to the previous highs of  $9.10 and $10 price levels. 

Nonetheless, following its drop on May 30, the altcoin has been trading between the moving averages. Doji candlesticks have caused minimal price movements. The DOT price is currently dropping as it approaches the 50-day simple moving average line.

Polkadot will fall if the bears break below the 50-day SMA support. The market will fall further, hitting the lows of $6.80 and $6.48. In the meantime, the altcoin is currently valued at $7.18.

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

Daily Chart Indicators Reading:
On the daily chart, the cryptocurrency price has fallen between the moving average lines. The price of cryptocurrencies has been oscillating between moving average lines during the past week in an attempt to continue its trend. The crypto will drop if it breaches the 50-day SMA support level. The upward trend will restart if the 21-day SMA resistance is broken.

 General Outlook for Polkadot (DOT)
Polkadot price breaks above the 4-hour chart’s moving average lines but faces rejection at $7.30. The upward movement was short-lived, as it confronted rejection at $7.35.It is declining towards the moving average lines. The upward trend will resume if it retraces and finds support above the moving average lines.

The altcoin is now trading within a small range of $6.90 to $7.30. 

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