Polkadot Is on Its Way Back to Its Prior High of $7.50

Key Resistance Levels: $10, $12, $14
Key Support Levels: $8, $6,$4

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT), which has dropped to a low of $5.73, is rising to its prior high of $7.50. The value of the cryptocurrency asset has dropped to the present reversal support level. The altcoin has reached a high of $6.61. On the plus side, the positive trend momentum will carry the cryptocurrency price to its previous high of $7.50 if it increases and breaks above the moving average line. Polkadot will decrease below the moving average lines if the DOT price increases but fails to break above it. The cryptocurrency, on the other hand, will fall and become wedged between the moving average lines.

Daily Chart Indicators Reading:
Polkadot is trading in a bearish trend at Relative Strength Index level 40 for period 14. As it recovers, the altcoin has hit bearish exhaustion. The cryptocurrency’s price remains below the moving average lines, causing the prior decrease. The moving average lines are sloping higher, indicating that the prior trend is still in effect.

Polkadot (DOT) Medium-term Trend: Bearish
The 4-hour chart for Polkadot shows a gradual downward trend. The price of the cryptocurrency crosses below the moving average lines. The price bars are encountering resistance from the 21-day line. If the price breaks above the moving average lines and the positive momentum are maintained, the altcoin will resume a bullish run.

4-hour chart Chart Indicators Reading
The SMAs for the 21-day and 50-day are sloping southward, indicating a downturn. The altcoin is rising over level 40 of the daily Stochastic. The altcoin had already slipped into the market’s oversold zone. Buyers have emerged to drive up prices.

General Outlook for Polkadot (DOT)
Polkadot has continued its upward trend above the $5.73 support level as it rises to its prior high of $7.50. Buyers must work hard to keep the price above the moving average lines. If the price breaks above the moving average lines, the altcoin will recover upward momentum. The altcoin will be forced to trade in a range between $5.70 and $6.50 after failing to break above the moving average lines.


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