Polkadot Retraces above the Current Support as It Aims at $7.00

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) commences a new uptrend as it aims at $7.00. The preceding rise was resisted at the $5.50 high. If the current price is above the moving average lines, the altcoin will restart its climb.The ongoing upswing, however, will encounter resistance at $5.50.

A retraced candle body tested the 50% Fibonacci retracement level on July 3. The retracement means that DOT will increase to the Fibonacci extension level of 2.0, or $6.93. At the time of writing, the altcoin is trading at $5.16.

On the plus side, if the altcoin is rejected at the current high, a range-bound move below the resistance level will restart.

Daily Chart Indicators Reading:
Polkadot is at Relative Strength Index level 52 for period 14. The coin is increasing in value as it enters the bullish trend zone. The cryptocurrency is increasing because the price bars are above the moving average lines. The altcoin is rising over level 40 of the daily Stochastic.

General Outlook for Polkadot (DOT)
Polkadot is above the moving average lines as it aims at $7.00 . The crypto offers the benefit of a potential upward rise to the prior high. The present upswing, however, may come to an end if the crypto’s price falls below the moving average lines.

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