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Key Resistance Levels: $10, $12,$14
Key Support Levels: $5, $3,$1
Polkadot (DOT) Price Long-term Trend: Bearish
Since September 1, the Polkadot (DOT) price has constantly remained inside a small range and is still above $4.20. The crypto’s price has been fluctuating between $4.20 and $4.55 since August 17. Today, the current price range has been reduced to $4.20 and $4.30.
Polkadot’s upward movement has been stifled by the 21-day SMA, or resistance at $4.30. Meanwhile, after a pullback from the previous low of $4.13, buyers are defending present support at $4.20. DOT/USD is now trading in a narrow range at the bottom of the chart.
As the market approaches the bottom of the chart, there is a chance that prices will rise. Furthermore, the market has reached an oversold condition. Buyers are expected to emerge in the oversold area, pushing prices higher.
It is projected that the price will rise above the moving average lines.
Daily Chart Indicators Reading:
The altcoin has remained stable as it consolidates at the Relative Strength Index level 32 for period 14. The price bars have continued to experience rejection at the moving average lines, causing the price to decrease.
The crypto asset has once again slipped into the oversold zone. It is below the daily Stochastic level of 20.
General Outlook for Polkadot (DOT)
The moving average lines in the lower time frame are horizontally flat and is still above $4.20. The DOT/USD is retreating back to its current support level. The sideways movement will continue as long as the altcoin retests the present support level.
If the current support is broken, the altcoin might fall below its previous low of $4.13.
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