Polkadot Varies as It Falls Below the $5.20 High

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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot (DOT) price has been stable above the moving average lines as it falls below the $5.20 high. The advent of Doji candlesticks has kept the price slow. The altcoin’s increasing trend is questionable. The bears are aiming to breach below the 21-day SMA today.

If the bears break below the moving average lines, the downtrend will resume. The altcoin will fall and return to its prior low of $4.74. Polkadot will be forced to make a range-bound move if it falls between the moving average lines. Meanwhile, the DOT price has fallen below the 21-day SMA but remains above the 50-day SMA.

At the time of writing, the altcoin is trading at $5.11.

Daily Chart Indicators Reading:
Polkadot has fallen until it reaches a Relative Strength Index level of 50 for period 14. The altcoin has reached its equilibrium price level as a result of the retracement. Demand and supply are likely to balance out. Because the altcoin is currently between the moving average lines, it may vary within the price range.

The DOT price is currently trading below the daily Stochastic threshold of 20. The market has reached oversold territory. The current downturn may come to an end.

General Outlook for Polkadot (DOT)
Polkadot faces rejection at the recent high as it falls below the $5.20 high. The coin has declaimed and is currently trading above the current support level of $5.00. Further declines are unlikely as the market approaches oversold territory.

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