Polkadot Is on the Rise, but It Retraces above $4.10

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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot (DOT) price is rising as it breaks above the moving average lines but it retraces above $4.10. The cryptocurrency’s price rose to a high of $4.42 before falling again. The coin’s positive impetus has waned as it has retraced to the negative zone.

If it finds support above $4.00, the current positive momentum will resume. At the time of writing, the altcoin is trading at $4.17. If the bears break through the current support, Polkadot will fall into the range-bound zone.

The market has previously been range-bound between $3.60 and $3.80 . If the existing support holds, Polkadot will have a new price range. In other words, the altcoin’s price will range between $4.00 and $4.40.

Daily Chart Indicators Reading:
Further gains are possible if the price bars remain above the moving average lines. The bearish trend will restart if the altcoin drops below the moving average lines. It will be compelled to undertake a range-bound movement if it becomes trapped between the moving average lines.

General Outlook for Polkadot (DOT)
Polkadot’s bullish momentum has continued above the moving average lines but it retraces above $4.10. If the cryptocurrency trades in the bullish trend zone, it will continue its bullish run. On the 4-hour chart, DOT is on a steady rise that has ended.

The price has retraced over the 21-day SMA, indicating that the coin will continue to rise.

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