Polkadot Rises above the $4.60 Low but May Face a Downturn

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) price rises above $4.60 as it trades above the current support but may face a downturn. Since August 16, the altcoin has fluctuated between $4.60 and $5.00. The altcoin is gaining as it approaches the $5.00 resistance level.

Polkadot will rise above the moving average lines if buyers overcome the resistance at $5.00. The positive trend will continue to the high of $5.60. If the bullish momentum is broken, the altcoin will be forced to trade in a range below the previous high.

On the downside, if the bear breaks below the present support level of $4.60, the crypto asset would fall to a low of $4.40 or $4.20.

Daily Chart Indicators Reading:
Polkadot is correcting upward as it approaches Relative Strength Index level 36 for period 14. Prior to the upward reversal, the crypto asset had hit the oversold region.The price of the cryptocurrency can drop further because the price bars are below the moving average lines.

On the daily Stochastic, the DOT price is currently bullish above level 40..

General Outlook for Polkadot (DOT)
Polkadot is declining and nearing the bottom of the chart but may face a downturn. The crypto asset is vulnerable to drops because the price bars are below the moving average lines. Selling pressure can return if it drops below the $4.60 current support level.

The cryptocurrency’s price is currently bouncing around its support level.

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