Polkadot Reaches an Overbought Region as It Risks Rejection at $6.80

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Key Resistance Levels: $10, $12,
Key Support Levels: $8, $6,$4

Polkadot (DOT) Price Long-term Trend: Bearish
 Polkadot (DOT) is in a downtrend as it risks rejection at $6.80. The DOT price is currently increasing as it gets closer to the 21-day line SMA. The cryptocurrency’s price is higher than the 50-day SMA but lower than the 21-day SMA. The DOT price varies greatly among the moving average lines. Most likely, the altcoin will have to move in a range between the moving average lines. If the 21-day line SMA is crossed, the market will rise to a high of $7.50. Similarly, if the cryptocurrency price breaks through the 50-day SMA, the downtrend will continue. Polkadot will test the previous lows at $6 and $5.50.

Daily Chart Indicators Reading:
The equilibrium price for Polkadot has been reached at level 51 of the Relative Strength Index for period 14. It suggests that the forces of supply and demand are in equilibrium. The price bars are currently within the moving average line, which allows the altcoin to rise.

Polkadot (DOT) Medium-term Trend: Bearish
The price of the DOT is falling on the 4-hour chart. The crypto has dropped to a low of $6.42 after breaking below the moving average lines. The coin is probably going to lose more value.

4-hour chart Chart Indicators Reading
The market for the altcoin has become overbought. It is above the daily Stochastic level of 80. Prices will drop as sellers enter the market. The moving average lines have crossed in a bearish fashion. The 50-day line SMA and the 21-day line SMA cross below each other.


General Outlook for Polkadot (DOT)
Polkadot is moving upward as it risks rejection at $6.80. According to the Fibonacci tool, it will continue to fall until it reaches its previous low. It costs $5.98 at level 2.0 of the Fibonacci Extension.

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