Polkadot Resumes Its Ascent above the $5.20 Low

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

Polkadot (DOT) Price Long-term Trend: Bearish
The Polkadot (DOT) pricing has not gone up after the price cut on May 8 as it resumes its ascent above the $5.20 Low. The cryptocurrency asset’s price range has been constrained at $5.20 and $5.50. The selling pressure has subsided as Polkadot resumed a range-bound ascent beyond the $5.20 mark. Doji candlesticks have resulted in no change in the price movement. On the plus side, buyers attempted but failed to keep the price above the $5.50 high on May 28.The altcoin has now slipped into the range-bound territory for $5.28. The current support and resistance levels are still in place as the altcoin consolidates. At the level of the 1.272 Fibonacci extension, or $5.24, the price signal has suggested a likely decline and reversal to the downside.

Daily Chart Indicators Reading:
There has been no significant price movement as Polkadot is at level 43 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone above the $5.20 support. The price bars are now between the moving average lines but fluctuate below and above the 21-day SMA. The moving average lines are sloping southward in line with the downtrend

Polkadot (DOT) Medium-term Trend: Ranging
Polkadot is in a sideways move below the $5.50 resistance level. The cryptocurrency asset has been fluctuating between $5.20 and $5.50. Today, the bears have broken below the moving average lines as the DOT price approaches the lower price range at a level of $5.20.

4-hour chart Chart Indicators Reading
Polkadot has fallen to the oversold region but pulled back. Presently the price bars are below the moving average lines. The moving average lines are sloping horizontally indicating the downtrend. Buyers are likely to emerge in the oversold to push prices upward.

General Outlook for Polkadot (DOT)
Polkadot has remained in a confined range since May 8 as it resumes its ascent above the $5.20 Low. The range-bound move may persist because of the presence of Doji candlesticks. These small body candlesticks have continued to dictate the movement of price. A price rebound will propel the coin to rise.

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