Polkadot Reaches Bearish Limit but Faces another Rejection at $4.80

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) price has fallen to the historical price level of December 28, 2022, but faces another rejection at $4.80. As the cryptocurrency asset fell to a low of $4.18, bulls bought the dips. The DOT price rose, but it is now rejected at $4.80. The cost of DOT/USD is $4.36 as of this writing. If the selling pressure persists, the altcoin will decline to its previous low of $4.18 on the downside. But if the bears manage to breach the existing support, the market will fall to the $3.50 low. However, if the current support holds, the DOT price will rise, break through the resistance at $4.80, and rally above the moving average lines.

Daily Chart Indicators Reading:
Polkadot has declined to the oversold area at level 25 of the Relative Strength Index for period 14. The current decline is anticipated to continue. The price bars are below the moving average lines, which is why it is falling. The moving average lines are sloping southward, and the 21-day SMA acts as a resistance line to the price bars.

Polkadot (DOT) Medium-term Trend: Ranging
On the 4-hour chart, Polkadot has been moving in a range since the price drop on June 10. The price of the altcoin has been fluctuating between $4.21 and $4.80. The decline will carry on if the current support is compromised. Polkadot will increase when the $4.80 resistance is overcome.

4-hour chart Chart Indicators Reading
Polkadot is trading in the oversold region of the market. Currently, the daily Stochastic is below level 20. The coin has reached bearish exhaustion. The downward slope of the moving average lines indicates the trend.

General Outlook for Polkadot (DOT)
Polkadot has taken over the position at the bottom of the chart but faces another rejection at $4.80. The market has reached a bearish limit. It is anticipated that lower price points will attract buyers. The value of the cryptocurrency varies from $4.18 to $4.80.


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