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Key Resistance Levels: $10, $12,$14
Key Support Levels: $5, $3,$1
Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot (DOT) has completed its retracement above the $8.00 support level as it aims for the $12 high. The crypto’s price has maintained a pattern of higher highs and higher lows. The price of DOT increases to a higher low as it resumes its upward trend.
On the plus side, if buyers overcome the barrier at $9.58, the cryptocurrency is anticipated to surge to a high of $12. The latest high has not been retested or broken since December 26. Polkadot will decline and enter a sideways trend if buyers do not break past the current high.
The altcoin will attempt to break through the 21-day SMA support and resistance at $9.58. The current uptrend will stop if the bears breach below the 21-day SMA support. The bearish momentum will continue to fall above the 50-day simple moving average.
Daily Chart Indicators Reading:
On December 31, the altcoin retraced above the 21-day simple moving average and began to rise. The price bars on the 4-hour chart are shown below, having risen above the moving average lines. The altcoin will rise as long as the price remains above the moving average lines.
Polkadot will be pricey until it reaches a high of $12.
General Outlook for Polkadot (DOT)
Polkadot is becoming more expensive as it aims for the $12 high. The altcoin has been swinging above the moving average lines since the rally ended on December 7. The DOT rate is between $8.10 and $9.50. If buyers break through the resistance level of $9.50, the upward trend will restart.
The altcoin has currently achieved a high of $8.76.
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