Polkadot Retraces above $5.40 but Is Unable to Breach the $5.70 High

Key Resistance Levels: $60, $62, $64
Key Support Levels: $40, $38,$36

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) is making an upward correction but is unable to breach the $5.70 high. The cryptocurrency price broke through the 21-day line SMA but was resisted at the $5.70 high. The DOT price is presently higher than the 21-day line SMA but lower than the 50-day line SMA.  On the upside, if the $5.70 resistance level is broken, the coin will rise over the 50-day simple moving average (SMA). If the positive momentum remains above the moving average lines, the altcoin will soar to a high of $7.41. However, if the bullish scenario is disproved, the current range-bound trend may persist. The DOT price, on the other hand, may fall if the bears breach below the 21-day line SMA.

Daily Chart Indicators Reading:
For period 14, the DOT price is at level 49 on the Relative Strength Index. It means that supply and demand are in equilibrium. The price of the cryptocurrency sits between the moving average lines, indicating a likely range-bound move.

Polkadot (DOT) Medium-term Trend: Bullish
Polkadot is trading in the bullish trend zone on the 4-hour chart. The price of cryptocurrency retested the resistance twice and fell below the moving average lines. The DOT price has dropped below the 21-day moving average line. The selling pressure may continue to the 50-day simple moving average (SMA).

4-hour chart Chart Indicators Reading
The altcoin is falling in value, and the daily Stochastic is below 40. Bearish tiredness has resulted from the selling push. The price bars are positioned between the moving average lines, indicating a range-bound movement.

General Outlook for Polkadot (DOT)
Polkadot continues to trade between the moving average lines. The cryptocurrency is falling as it retests the 21-day simple moving average (SMA). If sellers breach below the 21-day line SMA, the DOT price will fall to $5.07. If the current support holds, the sideways movement will continue.

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