Polkadot Surges Ahead as It Attempts to Breach the $5.00 Barrier

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Key Resistance Levels: $10, $12, $14
Key Support Levels: $18, $6,$4

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) is currently correcting upward as it attempts to breach the $5.00 barrier. At $5.00, the cryptocurrency asset has risen to an overbought level. If buyers breach the $5.00 high, bullish momentum may be halted at the $5.20 high. This is because the DOT price has been rejected at its current high since December 14. The crypto’s price has broken the 21-day line SMA, despite not yet crossing the 50-day line SMA. The altcoin will eventually reach its previous high of $7.00 if it overcomes the $5.00 resistance or the 50-day SMA. The $5.00 resistance area is currently rejecting the altcoin. Polkadot will be forced into a range-bound movement if it declines and encounters support above the 21-day SMA. If the bears break below the 21-day line SMA, the downtrend will resume. The exchange rate between DOT and USD will drop to its previous low of $4.25.

Polkadot surges ahead as it attempts to breach the $5.00 barrier
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The DOT price is at level 59 of the Relative Strength Index for period 14. The RSI has risen as the altcoin keeps correcting upward. Price bars are positioned halfway between the moving average lines but getting close to the 50-day SMA. The altcoin will rise if it breaks above the SMA of the 50-day moving average. If the 50-day line SMA is rejected, the altcoin will resume its range-bound movement.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4-hour chart, the DOT price is trading above the moving average lines. Given that the altcoin has reached the overbought area of the market, further upward movement is unlikely. The altcoin is currently declining as a result of rejection at the most recent high.

 Polkadot surges ahead as it attempts to breach the $5.00 barrier
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
DOT is above level 80 of the daily Stochastic level. The market has reached the overbought area. The selling pressure may return if sellers enter the overbought portion of the market. The moving average lines with an upward slope show an increasing movement.

General Outlook for Polkadot (DOT)
DOT/USD is being rejected as it attempts to breach the $5.00 barrier. Sellers are surfacing in overbought areas to drive prices lower. If the recent high is rejected, the cryptocurrency may be forced to move in a range.

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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.