Polkadot Rebounds but Continues to Fluctuate Above $7.10

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price rises above the 21-day SMA as it continues to fluctuate above $7.10. The altcoin has been trading in a range between the moving average lines and the $6.20 support. The 21-day SMA has not been broken since the April 13 price drop.

On May 3, the bulls broke through the 21-day SMA resistance level, setting the stage for a further higher rise. On the upside, the altcoin is predicted to reach the top of the 50-day SMA, or $8.00. Nonetheless, the cryptocurrency’s price reaches an early high of $7.41.

DOT price retraced above the 21-day SMA support and resumed its upward trend. If buyers sustain the price above the 50-day simple moving average, the altcoin will rise to its former level of $11.85. The DOT/USD exchange rate is currently $7.10.    

 Technical indicators:  
Key Resistance Levels: $10, $12,$14
Key Support Levels: $5, $3, $1                                                   
 
Daily Chart Indicators Reading:
Presently, Polkadot is trading above the 21-day SMA but below the 50-day SMA. The altcoin will be forced to oscillate in between the moving average lines. If the bear breaches the 21-day SMA support, the cryptocurrency will fall in value.

However, if the bulls breach the 50-day SMA, the coin will restart its bullish trend. DOT pricing will return to its earlier high of $11.85.

General Outlook for Polkadot (DOT)
Polkadot is between the moving average lines as it continues to fluctuate above $7.10. It means that the altcoin will be limited to its price movement for a few days. The cryptocurrency asset will trend whenever either the bulls or the bears break the moving average lines.

The crypto signal will remain range-bound while the altcoin fluctuates within its range.

 

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