Polkadot Makes a Probable Dip and Reversal Above $4.00

Polkadot (DOT) Price Long-term Trend: Bearish

Polkadot’s (DOT) price has completed its descent, having fallen to a low of $3.62 and a reversal above $4.00. The cryptocurrency asset remains above the $4.00 support as it continues its range-bound movement. Following the end of the bearish trend, the altcoin is now trading above the $4.00 support and below the moving average lines or the resistance at $5.10.

Bulls have halted the selling pressure above the $4.00 support level. The cryptocurrency’s price continues to fall as it approaches the oversold section of the market. The price signal suggests a probable dip and reversal above the $4.00 support. Meanwhile, DOT is currently valued at $4.25.

Technical indicators:  

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

Polkadot Indicator Analysis 

The moving average lines are sloping downward, and the weekly chart shows a bearish crossover. The 21-day SMA crosses below the 50-day SMA, indicating a bearish signal. However, the price indication has indicated the end of the bearish trend above the $4.00 support. Doji candlesticks are forming, slowing the price movement.

General Outlook for Polkadot (DOT)

Polkadot has reached bearish exhaustion, with a probable dip and reversal above $4.00. The altcoin has reached the bottom of the chart. The market has achieved the historical price level of $3.56, set on October 16, 2023. The crypto signal is positive as Polkadot is predicted to revert as the market becomes oversold.

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