Polkadot Rises Above $3.90 Owing to Buyers’ Pressure

Polkadot (DOT) Price Long-term Trend: Bearish

Polkadot’s (DOT) price recovers above $3.90 on May 30 owing to buyers’ pressure. The selling push has produced bearish exhaustion. The altcoin has maintained a hold above the $3.80 support since May 6. Since May 30, the decline has halted, while it still fluctuates below the moving average lines or the resistance at $4.40.

The price will start its upward trend when it breaks above the moving average lines. Buyers are currently driving the price in the direction of the 50-day SMA barrier. The altcoin can rise to $5.11 if it breaks above the moving average lines. The altcoin’s decline from the moving average lines, however, will push the DOT price in a sideways direction. The current value of the DOT pricing is $4.16.

Technical indicators:  

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

Polkadot Indicator Analysis 

The price bars dropped below the moving average lines that sloped downward on May 30. The price bars are between the 50-day and 21-day SMAs on the shorter time horizon. The altcoin is at its lowest price as Doji candlesticks show.

General Outlook for Polkadot (DOT)

Polkadot’s price reaches bearish exhaustion owing to buyers’ pressure. The altcoin has risen above the critical support of $4.00 as bulls bought the bdips pressure. The altcoin has resumed its sideways movement on the 4-hour chart, above the $3.90 support and below the $4.20 resistance.

The upward trend has stopped close to the $4.20 high as it continues to oscillate below the most recent high. Polkadot will return to its bullish trajectory after surpassing the 50-day SMA and the barriers at $4.20.

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