Polkadot Regains Bullish Vigor as It Aims to Surpass the $5.50 High

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) prices crosses above the 21-day SMA as it aims to surpass the $5.50 high. The chance of the cryptocurrency moving further higher exists. Since May 8, the downward trend has already slowed. Since then, Polkadot has been consolidating above the $5.18 support. The current bullish momentum is a sign that the trend is changing. A potential reversal has been foreseen by the price indicated at the Fibonacci extension level of 1.272, or the $5.23 low. To the upside, Polkadot will resume a positive trend if buyers manage to sustain the price above the moving average lines or the barrier at $6.00. The altcoin will once again reach its $7.00 high. Today’s peak for DOT/USD was $5.38.

Daily Chart Indicators Reading:
Polkadot is moving upward at level 46 of the Relative Strength Index for period 14. Despite the current momentum, the altcoin is still trading in a bearish trend. The price bars are now between the moving average lines, indicating a potential upward advance and subsequent range-bound movement. The downward slope of the moving average lines indicates a decline.

Polkadot (DOT) Medium-term Trend: Bullish
Polkadot has risen above the moving average lines. The value of the altcoin has climbed, and it is currently approaching the overbought region of the market. The positive momentum that is now present will be rejected as the market moves towards the overbought region.

4-hour chart Chart Indicators Reading
Polkadot has climbed to the market’s overbought area on the 4-hour chart. The daily Stochastic asset is above level 80 at this time. It is unlikely that the currency will continue to rise upward. As soon as sellers show up in the overbought area, the currency will start to fall.

General Outlook for Polkadot (DOT)
Polkadot’s price is resuming its bullish trend as it aims to surpass the $5.50 high. The price of the altcoin has in the past fluctuated between $5.10 and $5.50. The range-bound trend will be disrupted if the bulls surpass the $5.50 resistance level.


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