Polkadot Reaches Bullish Exhaustion as It May Face Rejection at $5.00

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RESULTS

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) is in an uptrend but may face rejection at $5.00. The present decline has paused for the time being. The current market momentum is approaching the overbought zone. The altcoin will almost certainly be rejected at the $5.00 high or the moving average lines.

If the crypto asset is rejected at its recent high, it will collapse. The altcoin will drop and re-test its recent low of $4.18. Meanwhile, the price indication predicts that the cryptocurrency will continue to fall.

According to the price indicator, DOT will fall to Fibonacci extension level 2.0, or $2.78. Meanwhile, the cryptocurrency is trading in the market’s overbought zone at the time of writing.

Daily Chart Indicators Reading:
Polkadot is increasing at Relative Strength Index level 44 for period 14. The altcoin is in a downward trend. The price bars are lower than the moving average lines, but they are rising. The downward sloping moving average lines provide resistance to the price bars.

Polkadot (DOT) Medium-term Trend: Bullish
Polkadot is in the positive trend zone on the 4-hour chart. It has broken through the moving average lines and entered the overbought zone. The DOT price will reach a high of $5.00 before being rejected.

4-hour chart Chart Indicators Reading
The coin has reached the market’s overbought zone. In the overbought region, sellers will emerge to drive prices lower. It is higher above the daily Stochastic level of 80. It is doubtful if the upward movement will continue.

As long as the price bar is above the moving average lines, the altcoin will climb.

General Outlook for Polkadot (DOT)
Polkadot will eventually fall as it may face rejection at $5.00. If the cryptocurrency is rejected at its recent high, selling pressure will resume. Above the $4.00 level, the crypto asset will find support.

If the bear breaks through the existing support, the downtrend will resume.

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