Polkadot Lingers Above the $2.00 Support

Polkadot (DOT) Price Long-term Trend: Bullish

Polkadot’s (DOT) price has been trading above the moving average lines but lingers above the $2.00 support. The bullish momentum has been rebuffed twice at the $2.40 level, while concurrently falling above the moving average lines. The DOT price will continue to rise if it retraces and finds support above the moving average lines. If the DOT price breaks through the $2.40 barrier, it will rise to a high of $3.20.

In contrast, if the DOT price falls below the moving average lines, it will return to its prior bottom. The altcoin will revert to its prior low of $1.67. Meanwhile, Doji candlesticks have slowed the price movement. The DOT price is currently trading at $2.20.

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

Polkadot Indicator Analysis

The price bars have been lingering above the upward-sloping moving average lines. The 21-day SMA is above the 50-day SMA, indicating an upward trend. On the 4-hour chart, the price bars are higher than the upward-sloping moving average lines. The cryptocurrency price has fluctuated both below and above the upward-sloping moving average lines.

General Outlook for Polkadot (DOT)

Polkadot price is in a bullish trend zone but lingers above the $2.00 support. The 4-hour chart shows DOT price bouncing above the $2.00 support and below the $2.30 resistance. Every time the altcoin surpasses $2.30, it is rejected, and the extended candlestick wicks indicate heavy selling pressure at the $2.30 high.

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