Polkadot Remains Slack Above $4.00 Due to Traders’ Hesitation

Polkadot (DOT) Price Long-term Trend: Bearish

The price of Polkadot (DOT) has recovered from its downward trajectory due to traders’ hesitation. The digital asset has recovered after falling to the $3.60 support. The price indicator had previously forecasted that DOT would decline, but it will now reverse at the Fibonacci extension level of 1.272, or $4.69. According to the price movement, the cryptocurrency price is still rising bullishly and has broken above the moving average lines.

On the plus side, the Doji, a small body uncertain candlestick, has hindered the price movement. The price moves gradually because of the Doji candlesticks. The $5.00 high will be the first obstacle to the rising trend. As of this writing, the DOT price is $4.73.

Technical indicators:  

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

Polkadot Indicator Analysis 

DOT rises as the daily chart’s price bars return above the moving average lines. However, the upward trend has stalled. The bullish momentum is moving slowly as a result of the Doji candlesticks. The weekly chart’s moving average lines are horizontal with a bullish crossover.

General Outlook for Polkadot (DOT)

Polkadot is currently range-bound but falling short of the $5.00 peak due to traders’ hesitation. The price movement has been slack due to the dominance of Doji candlesticks. The price of DOT is currently declining after recently reaching a peak. The trend will continue if the altcoin retraces and remains above the daily chart’s moving average lines.

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