Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot (DOT) price breaks above the moving average lines as it challenges the $5.00 barrier. The positive momentum also broke beyond the upper price range of $5.00, reaching a high of $5.83. On November 12, the altcoin’s upward momentum was reversed as it retraced above the moving average lines. Polkadot may continue its upward correction if the cryptocurrency price retraces and remains above the moving average lines.
Today, the DOT price is rising as it continues its upward trend. On the upside, if the $5.00 and $5.80 barriers are broken, the altcoin will rise to a high of $6.50. However, the DOT price will be forced to a sideways move below the previous high but above the moving average lines, if the bullish scenario is invalidated. Meanwhile, the altcoin is currently valued at $4.98.
Technical indicators:
Key Resistance Levels: $10, $12, $14
Key Support Levels: $5, $3, $1
Polkadot Indicator Analysis
Following the recent price increase, the horizontal moving average lines have formed a bullish crossover. The 21-day SMA is above the 50-day SMA, signaling a bullish trend. On the 4-hour chart, the DOT price is caught between the moving average lines, indicating a potential range-bound movement for the cryptocurrency.
General Outlook for Polkadot (DOT)
Polkadot is declining below the moving average lines as it challenges the $5.00 barrier. The 50-day SMA stopped the slide, trapping it between the moving average lines. The altcoin will remain caught between the moving average lines for a few days. If the $5.00 resistance level is breached, the upward momentum will begin.
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