Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price has fallen below the moving average lines while its recovery is stuck at $7.30. The cryptocurrency asset has been declining after reaching a high of $11.85. DOT price experienced a steep drop below the moving average lines during its initial collapse before stalling above the 50-day SMA.
The downturn resumed after the 50-day SMA was violated. The bearish momentum continued to a low of $5.67, although bulls bought on dips. The altcoin recovered above the $6.20 support level and resumed consolidation above it.
The DOT/USD exchange rate is currently $6.62. On the downside, if the present $6.20 support holds, the DOT price will trade above it but below the moving average lines or the $9.20 resistance.
Technical indicators:
Key Resistance Levels: $10, $12,$14
Key Support Levels: $5, $3, $1
Daily Chart Indicators Reading:
The price bars are below the downward-sloping moving average lines, indicating a current fall. The altcoin has undergone a bearish crossover, with the 21-day SMA crossing below the 50-day SMA. The bearish signal has weakened above the $6.20 support.
The 21-day SMA is currently holding back the altcoin’s upward movement, causing it to fluctuate.
General Outlook for Polkadot (DOT)
Polkadot is still trading above its current support level of $6.20 while its recovery is stuck at $7.30. On the 4-hour chart, the altcoin trades in a narrow range of $6.20 to $7.30. On the upside, the price advance is being rejected at the 21-day SMA, as the altcoin declines and retests its present support.
The crypto signal will be negative if the present support level is broken.
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