Polkadot Reverses but Encounters the $4.46 Obstacle

Polkadot (DOT) Price Long-term Trend: Bearish

Polkadot’s (DOT) price selling pressure on February 3 has subsided but encounters the $4.46 obstacle. The cryptocurrency asset has fallen to the chart’s bottom twice. The crypto price commenced its range after hitting the $3.60 low. The altcoin oscillates between the $3.60 support and the moving average lines. The DOT’s price is leveling off and consolidating above the critical $4.00 support level.

The price projection indicates that DOT will fall before gaining once more at the $4.69 Fibonacci extension level of 1.272. The altcoin dropped and touched a low of $3.60, exceeding the expected price level, based on the market movement. Despite this, Polkadot has surged over the critical $4.00 support. The upward trend will continue if the critical support remains in place. The DOT price is $4.27 as of this writing.

Technical indicators:

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

Polkadot Indicator Analysis 

The price of cryptocurrency has dropped below the horizontal moving average lines. The bearing indication is shown by the 50-day SMA being below the 21-day SMA. The bearish trend is indicated by the moving average lines on the daily chart, which slope southward.

General Outlook for Polkadot (DOT)

Polkadot is currently trading at the chart’s bottom but encounters the $4.46 obstacle. The altcoin has been trading below the moving average lines and above the $3.60 support since March 3. The cryptocurrency asset stabilizes above the $4.00 support as the altcoin corrects upward. The upward trend is running against its first roadblock at $4.46. The price of cryptocurrency changes in the interim while the trend is being determined.

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