Polkadot Is Retesting the $5.80 High In A Lateral Trend

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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot’s (DOT) price has maintained its upward move above the moving average lines in a lateral trend. The altcoin dropped between the moving average lines and to a low of $4.82 during the first rally. Buyers intend to return to the previous high of $5.80.

The resistance at $5.80 slowed the upswing that began on November 12. The July 21 historical price level is the $5.80 resistance. On the plus side, Polkadot will peak at $7.62 if the buyers are successful. On the other hand, the market will stay in its range between $5.00 and $5.80 if the bulls are unable to breach above the $5.80 high.

Alternatively, selling pressure would increase once more if the bears managed to break below the 21-day SMA. The drop will continue to the $5.54 low, which is the low above the 50-day SMA.

Daily Chart Indicators Reading:
Polkadot is still in a lateral trend on the 4-hour chart, as the moving average lines slope horizontally. The price bars slant to the left and right of the moving average lines. The asset is in an overbought state, making the upward ascent more difficult. Doji bars currently dominate the bars.

General Outlook for Polkadot (DOT)
Since November 12, the cryptocurrency asset has been moving sideways in a lateral trend. The altcoin has been trading in the $5.00 to $5.80 range. Buyers have been unable to maintain the price above the resistance level. The Doji candlesticks have limited price movement, implying that the horizontal trend will continue.

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