Polkadot Retains Its Sideways Pattern below $4.30

Polkadot (DOT) Price Long-term Trend: Bullish

Polkadot’s (DOT) price rebounds but retains its sideways pattern above the moving average lines. Since August 19, the cryptocurrency has been trading in a range between $3.60 and $4.40. The DOT price also resumed its sideways movement after being rebuffed at the $4.30 barrier. Today, the altcoin is falling after crossing the $4.30 mark. On the downside, the altcoin has dipped but remained above the $4.15 threshold.

If the current support level is maintained, the DOT price will resume. The altcoin will increase and test its overhead resistance at $4.40.The crypto asset is now worth $4.20 as of this writing.

Technical indicators:

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

Polkadot Indicator Analysis

Following the current rally, the price bars have risen above the moving average lines. The DOT price broke above both the 21-day and 50-day moving average lines. The daily chart’s moving average lines are horizontal, indicating a lateral trend. However, the moving average lines are trending upward, indicating a positive trend on the 4-hour chart.

General Outlook for Polkadot (DOT)

Polkadot’s price trades above the moving average lines but retains its sideways pattern below $4.30. On the 4-hour chart, the altcoin was repelled at $4.28, its peak. The cryptocurrency price retraced above the 21-day SMA support and resumed its upward march.

The DOT price is trading in a close range between the 21-day SMA and the $4.40 barrier. The crypto signal will continue to be range-bound if the $4.40 resistance level is not broken.

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