Polkadot Is in a Strong Momentum as It Breaks the $5.00 Barrier

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Key Resistance Levels: $10, $12, $14
Key Support Levels: $18, $6,$4

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) price is unyielding as it resumes an ascent to break the $5.00 barrier. Buyers have been working hard over the last three days to get over the $5.00 barrier. As they aim for the high of $7.50, buyers have today driven the coin to a high of $4.94. On the plus side, the cryptocurrency will move more quickly if buyers retain the price above the 50-day SMA. The initial resistance level of $5.00 will be overcome. If the altcoin overcomes the $5.00 barrier or the 50-day SMA, it will finally reach its prior high of $7.00. The altcoin is now being rejected by the $5.00 resistance level. Polkadot will be forced into a range-bound movement if it falls and finds support above the 21-day SMA. The downtrend will resume if the bears break below the 21-day line SMA.

Daily Chart Indicators Reading:
For period 14, the DOT price is at level 62 of the Relative Strength Index. As the altcoin keeps correcting upward, the RSI has increased. Despite being midway between the moving average lines, price bars are approaching the 50-day SMA. If the altcoin crosses above the 50-day SMA, it will appreciate. The altcoin will resume its range-bound behavior if the SMA on the 50-day line is challenged.

Polkadot (DOT) Medium-term Trend: Bullish
The DOT price is bouncing below the resistance level on the 4-hour chart. Today, the crypto’s price is facing another rejection as the cryptocurrency starts a sideways slide. If the DOT price bounces back above the moving average lines, it will move upward once again. If the price of the altcoin falls below the moving average lines, it will fall.

4-hour chart Chart Indicators Reading
DOT has a strong momentum over the daily Stochastic threshold of 70. The cryptocurrency is about to enter another overbought zone. Moving average lines with an upward slope indicate that the movement is rising.

General Outlook for Polkadot (DOT)
DOT/USD is moving higher as it breaks the $5.00 barrier. The key conclusion is that if buyers are unable to keep the price above the resistance or the 50-day line SMA, the range-bound move will continue.

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