Polkadot Risks a Drop as It Faces Rejection at $5.10

Azeez Mustapha

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) is regaining ground after falling below the moving average lines as it faces rejection at $5.10. The crypto asset falls to a low of $4.96 before continuing its upward trend. On the plus side, if buyers retain the price above the moving average lines and the resistance at $5.50, the DOT price will resume its upward trend.

Buyers had already broken above the moving average lines but had been repulsed by resistance. At the time of writing, the altcoin is worth $5.06. Polkadot, on the other hand, will remain range-bound between $4.96 and $5.20, rendering the bullish scenario meaningless.

Polkadot Risks a Drop to Its Prior Low as It Faces Rejection at 5.10
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at Relative Strength Index level 46 for period 14. The altcoin is currently in a bearish trend before resuming its positive trend. Despite the upward reversal, the price bars are below the moving average lines.

The coin has a positive momentum over the daily Stochastic threshold of 80. Further upward correction is unlikely as the market approaches overbought territory.

General Outlook for Polkadot (DOT)
Polkadot has surged to an overbought market region as it faces rejection at $5.10. The current upswing is being tested near the $5.10 high. As a result, the altcoin will drop to its prior low. Further gains are unlikely as the market approaches overbought territory.

Polkadot Risks a Drop to Its Prior Low as It Faces Rejection at 5.10
DOT/USD – 4 hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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