Polkadot Stabilizes Above $8.00 as It Awaits a Bullish Move

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RESULTS

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price ends its selling pressure as it awaits a bullish move. Since its decline on April 3, 2024, the cryptocurrency has been stabilizing above the $8.00 support level. The presence of Doji candlesticks slows price movement.

Polkadot has oscillated above the $8.00 support level but below the moving averages for the past week. The crypto asset is currently rising as it approaches the moving average lines. The altcoin will resume its positive trend if buyers push the price above the moving average lines.

The bullish trend will continue to push the price above its prior high of $11.85. However, if buyers fail to sustain the price above the moving average lines, the DOT price will fall and begin a range-bound movement.

The altcoin will trade between the $8.00 support and below the moving average lines in anticipation of a bullish trend. The altcoin is now valued at $8.65.

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

Daily Chart Indicators Reading:
The price bars are rising, but they remain below the moving average lines. The 4-hour chart shows price bars that have broken above the 21-day SMA but below the 50-day SMA. The cryptocurrency price is trapped and may vary between the moving average lines.

General Outlook for Polkadot (DOT)
Polkadot holds above the $8.05 support level as it awaits a bullish move. Previously, the altcoin’s price fluctuated between $8.05 and $9.70. If the price breaks above the $9.70 resistance level, the DOT price will resume its positive trajectory.

Currently, the upward movement is meeting resistance at $8.76. The cryptocurrency signal is positive, as the altcoin resumes a bullish trajectory.

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