Key Resistance Levels: $10, $12, $14
Key Support Levels: $8, $6,$4
Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) is currently recovering as it battles the hurdle at $6.20. Since the bearish momentum has subsided, the altcoin has reached its previous bottom and is presently going upward. The altcoin rallied after returning to its previous low on March 10. Despite reaching a high of $7.00, the crypto asset was overbought. Today’s upward advance will run across its first roadblock at $5.80. DOT will resume climbing in a bullish trend if buyers can keep the price above the moving average lines or the hurdle at $6.20. The DOT price is trading at $5.46 at the time of writing.
Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, Polkadot is at level 34. The altcoin is currently in a bearish trend zone and is likely to continue to drop. Further fall is indicated by the price bars’ position below the moving average lines. The moving average lines will continue to show a downward slope, indicating a downtrend.
Polkadot (DOT) Medium-term Trend: Bearish
The price of the cryptocurrency is hitting a sequence of lower highs and lower lows on the 4-hour chart. The altcoin hit a low of $5.20 on May 8 before beginning to consolidate again above it. The upward movement will commence while the altcoin maintains its position above the existing support.
4-hour chart Chart Indicators Reading
Polkadot has crossed level 25 on the daily Stochastic and is moving upward. A bullish trend will emerge when the altcoin rises above the moving average lines. The altcoin will slip below the moving average lines if it is unable to break above them.
General Outlook for Polkadot (DOT)
DOT/USD reaches its previous low of $5.15 as it battles the hurdle at $6.20. It will drop to its prior low of $5.15 for the crypto. The crypto asset will start moving upward again if the existing support holds.
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