Polkadot Rebounds, but Risks Decline below $2.00

Polkadot (DOT) Price Long-term Trend: Bearish

Polkadot’s (DOT) price recovers from its decline, but risks declining below $2.00. The cryptocurrency price has been moving above the current support, but the upward trend has been hampered by the $2.40 high. On the downside, selling pressure will resume if the altcoin falls below $2.00 and the bearish momentum continues.

The DOT price will fall to the 1.272 Fibonacci extension low, which is $0.99. It may potentially return to the $0.25 pricing level of October 10. Meanwhile, the crypto is trading just above the $2.00 support level. The current DOT price is $2.12 at the time of writing.

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

Polkadot Indicator Analysis

The moving average lines appear horizontally at the bottom of the chart. The 21-day SMA serves as the price bars’ resistance line. The price bars are denoted by Doji candlesticks, causing the price to remain unchanged. The moving average lines are horizontal, yet the cryptocurrency price moves below and above them.

General Outlook for Polkadot (DOT)

Polkadot pauses its decline, but risks declining below $2.00. The DOT price has corrected upward, but it has been stopped at a high of $2.40. The cryptocurrency price has retraced below the moving averages. Once the $2.00 support level is breached, selling pressure will resume. According to the price indication, the cryptocurrency signal is negative.

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