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Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) pricing remains within a range of $6.20 to $7.30 as it battles the $7.30 high. The cryptocurrency is also trading above the 21-day SMA but below the 50-day SMA. Buyers have been unable to sustain the positive momentum above the 50-day SMA, and the altcoin remains under selling pressure near its high of $7.30.
On May 15, the crypto price rose above the 21-day SMA and resumed its upward trend. This will be the third time the altcoin will approach the $7.30 resistance and attempt to breach it. On the upside, if buyers break through the barrier at $7.30, the DOT price will rise above the 50-day SMA.
The positive momentum will continue until the high of $11.85. Nonetheless, Polkadot will continue to range and fluctuate between the moving average lines where the resistance at $7.30 remains intact. The cryptocurrency is now worth $7.06.
Technical indicators:
Key Resistance Levels: $10, $12,$14
Key Support Levels: $5, $3, $1
Daily Chart Indicators Reading:
Polkadot’s price has recovered above the 21-day SMA support but remains below the 50-day SMA. This is the second time that the cryptocurrency’s price has broken above the 21-day SMA. During the initial rally, the altcoin was repelled at the $7.30 barrier level. The altcoin fell below the moving average lines as bulls bought dips.
General Outlook for Polkadot (DOT)
Polkadot remains stuck in a range as it battles the $7.30 high. The bulls attempted to break through the barricade twice but were unsuccessful. The altcoin is rising as it approaches the $7.30 barrier level and the 50-day moving average line. Polkadot will resume its bullish trend once the resistance levels are breached.
The cryptocurrency signal is good, as buyers maintain their bullish momentum.
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