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Polkadot (DOT) Price Long-term Trend: Ranging
Polkadot’s (DOT) price rebounds after hitting a low of $5.45 but fails to pass the barrier at $6.20. The cryptocurrency has been trading between its present support at $5.45 and its resistance at the 21-day SMA or $6.20 high. Today, the cryptocurrency price broke the 21-day SMA but has failed to pass the barrier at $6.20.
On the upside, if the bulls break through the recent high, DOT will rise above the moving average lines. The positive momentum will continue till the high of $7.58. A break above $7.58 will send the altcoin to a high of $9.10.
However, if the bullish scenario is invalidated, Polkadot will fall back into its former range of $6.20 to $7.50. Meanwhile, the altcoin is currently valued at $6.15.
Technical indicators:
Key Resistance Levels: $10, $12,$14
Key Support Levels: $5, $3, $1
Daily Chart Indicators Reading:
Polkadot has rebounded, with price bars above the 21-day SMA but below the 50-day SMA. In other words, the cryptocurrency price is stuck between the moving average lines. The DOT price will be forced to move within a range defined by the moving average lines.
General Outlook for Polkadot (DOT)
Polkadot is in a different range as it fails to pass the barrier at $6.20. The altcoin plummeted to lows of $5.40 and $6.20. The previous support, $6.20, was shattered. Buyers were unable to sustain the positive momentum above $6.20, resulting in a slide in the new price range. The crypto signal is still range bound while in the present price range.
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