Polkadot Stabilizes above $9.00 but Remains within Its Range

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RESULTS

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price has fallen below the moving average lines but remains within its range. Following the downturn, bulls bought the dip and surged to $10.04, or the 21-day SMA. Since March 19, 2024, the DOT price has been between the moving average lines.

The altcoin is now worth $9.59 as of this writing. The bulls and bears have failed to breach the moving average lines, not allowing the altcoin to trend. On the positive side, if the altcoin rebounds above the $9.00 support level, the 21-day SMA will be broken. The altcoin will advance and revisit its prior high of $11.85.

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

Daily Chart Indicators Reading:
Polkadot is stabilizing above $9.00, with the price bars caught between the moving average lines. The moving average lines are sloping horizontally following the termination of the earlier trend. The 21-day and 50-day SMAs are preventing the altcoin from resuming its upward trend.

General Outlook for Polkadot (DOT)
Polkadot is caught between the moving average lines but remains within its range. The cryptocurrency will fall when it approaches the 50-day SMA. A break below the 50-day SMA will indicate the resumption of the decline. This will force the altcoin to fall further, reaching a low of $7.22.

However, if the 50-day SMA support holds, the crypto signal will resume its range-bound movement.

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