Polkadot Is Stuck below $7.00 but Faces an Additional Drop

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price is in decline yet rising toward the moving average lines but faces an additional drop. The cryptocurrency price retested the 21-day SMA twice but did not break above it. The DOT price is currently locked below the moving average lines.

The cryptocurrency will rise to the 50-day SMA or above $7.50 if buyers can break above the 21-day SMA. The upward trend will be accelerated if purchasers keep the price above the moving average lines. The altcoin’s probability of depreciating rises if it is resisted at the 21-day SMA.

The cryptocurrency will fall to its current support of $6.29. If the current support is breached, the cryptocurrency may fall even more. The market will reach a low of $4.75.

Daily Chart Indicators Reading:
The cryptocurrency price is trading below the moving average lines, but it is attempting to cross the 21-day SMA. The moving average lines are trending southward, with the addition of a bearish crossover. Selling pressure will resume if the altcoin loses its current support.

General Outlook for Polkadot (DOT)
Polkadot has been stuck below the moving average lines but faces an additional drop. On the 4-hour chart, the upward correction failed as the cryptocurrency was rejected at the $7.00 resistance. The price indicator projected a bearish continuation of the crypto signal.

This is confirmed by the moving average lines, which have further rejected the coin.

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