Polkadot Maintains Its Range as It Confronts the $5.00 Barrier

Polkadot (DOT) Price Long-term Trend: Bearish

Polkadot’s (DOT) price remains sideways as it confronts the $5.00 barrier. The DOT price has been trading above the $3.90 support level for the past month, but it has been trading below the $5.00 resistance level and the moving average lines. Buyers made two efforts to keep the price above the moving average lines but were met with selling pressure near the $5.00 resistance level.

The crypto asset has fallen below its moving average lines. It is trading in a tight range, above the $3.90 support and below the moving average lines. Price movement has been delayed due to the existence of Doji candlesticks. DOT/USD is valued at $4.23 at the time of writing.

Technical indicators:  

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

Polkadot Indicator Analysis 

The price bars have fallen below the 21-day SMA after becoming caught between the moving average lines. Doji candlesticks have formed, causing the price bars to remain stagnant. Doji candlesticks symbolize traders who are unsure about the direction of the market.

General Outlook for Polkadot (DOT)

Polkadot has fallen above the $4.00 support level as it confronts the $5.00 barrier. Since the end of the decline, buyers have been unable to maintain the DOT price above the moving average lines or resistance at $5.00. Once the hurdles are cleared, the altcoin will resume its upward path. Meanwhile, the Doji candlesticks have formed, limiting the crypto signal’s range.

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