Polkadot Stabilizes Above $4.00 as It Hits the Oversold Region

Polkadot (DOT) Price Long-term Trend: Ranging

Polkadot’s (DOT) price drifts sideways as it hits the oversold region. For the past three weeks, there has been less selling pressure since the price drop on February 3. The price of DOT is currently trading below the 21-day SMA but above the current support. The crypto price has dropped to the bottom of the graph.

Since the cryptocurrency asset has reached the oversold area of the market, further decline is improbable. Pokadot will fall below the prior low of $3.60 if it breaks the current support. However, the upward trend will begin if buyers keep the price above the 21-day SMA. The DOT price is currently declining after reaching the 21-day SMA barrier.

Technical indicators:  

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

Polkadot Indicator Analysis 

Polkadot is stabilizing at the bottom of the chart and below the 21-day SMA barrier. A breakdown or rebound is probable even though the altcoin is now trading above the current support and below the 21-day SMA barrier. The range-bound move will persist as long as the Doji candlesticks are visible.

General Outlook for Polkadot (DOT)

Polkadot is now at the bottom of the chart as it hits the oversold region. The price action on the 4-hour chart has remained constrained between the moving average lines or the $4.20 support and below the $4.90 resistance. As the altcoin is rejected at the 21-day SMA, it is losing value. Since the crypto signal keeps varying between the range-bound levels, it is range-bound.

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