Polkadot Retreats as It Gets Closer to the High Of$9.53

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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot (DOT) price has continued its upward trend as it gets closer to the high of $9.53. The digital asset is getting close to the projected price of $9.53. The altcoin is currently retreating after reaching a high of $9.40.The rising trend will resume if the altcoin retraces and maintains above the moving average lines.

The price of DOT will rise and retest the $10 resistance level. The cryptocurrency will face strong resistance at its present peak. On the downside, if the price falls below the 21-day SMA, the market will resume selling pressure.

The slide will extend above the 50-day simple moving average or $6.24 low. Meanwhile, at the time of writing, DOT/USD is valued at $8.66.

Daily Chart Indicators Reading:
The present rally will continue as the price bars retrace above the moving average lines. The price bars on the 4-hour chart are located between the moving average lines. This suggests that the cryptocurrency may move sideways between the moving average lines.

Furthermore, the asset’s overbought condition contributes to the fall.

General Outlook for Polkadot (DOT)
Polkadot’s uptrend is reaching the expected price level as it gets closer to the high of $9.53. The coin has retraced and is approaching the $8.00 low. On the downside, the altcoin will tumble and find support above the 21-day simple moving average or the $7.50 low.

The price will enter a downtrend if it falls below the 21-day SMA support.

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