Polkadot Remains in a Range as It Approaches 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) price has slipped below the 21-day simple moving average (SMA), but it is still above the 50-day SMA as it approaches the $5.50 high. The cryptocurrency has been caught between the moving average lines for the past week.

When the moving average lines are breached, the altcoin will resume its trend. On the downside, an additional decline is unlikely. On August 1, the extended tail indicates that there is substantial buying at a lower price level.

When the price of Polkadot breaks above the 21-day SMA, it will resume its bullish trend. Nonetheless, the barrier at $5.50 has slowed the rally.

Daily Chart Indicators Reading:
The bears have the upper hand as the DOT price reaches the Relative Strength Index level of 46 for period 14. As the altcoin stayed locked between the moving average lines, the crypto asset resumed its range-bound motion.

The bullish momentum has been modest above the daily Stochastic threshold of 40.

General Outlook for Polkadot (DOT)
Polkadot is now caught between the moving average lines as it approaches the $5.50 high. The coin is increasing in value as it approaches the previous high of $5.50. If the $5.50 resistance level is breached, the DOT price will resume its upward trend.

You can purchase crypto coins here. Buy LBLOCK

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing