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Key Resistance Levels: $10, $12,$14
Key Support Levels: $5, $3,$1
Polkadot (DOT) Price Long-term Trend: Bullish
Following the dip on November 21, the Polkadot (DOT) price has returned above the 21-day SMA and it is stuck at $5.40. If the selling pressure had sustained, the bearish momentum may have reached a bottom above the 50-day SMA, or $14.40.
The altcoin recovers after breaking above the 21-day simple moving average. Buyers are driving the coin to $5.87, its previous high. The upward movement is currently encountering first resistance at the high of $5.40.
A break above the current high will catapult the altcoin to past highs. A rejection at the recent high, on the other hand, will force the cryptocurrency to drop between the moving average lines. Polkadot is currently trading at $5.34 per coin.
Daily Chart Indicators Reading:
The cryptocurrency asset has recovered above the moving average lines after its prior decline. Price bars are dominated by Doji candlesticks above the moving average lines, making the upward trend unstable.
Prices are oscillating above the moving average lines but below the resistance at $5.40 on the 4-hour chart. The price increase is speculative.
General Outlook for Polkadot (DOT)
Polkadot’s recovery has hit a snag as the altcoin is stuck at $5.40. The cryptocurrency has re-entered the positive trend zone. The price movement has remained constant due to the existence of Doji candlesticks.
Furthermore, the altcoin is encountering initial resistance at the recent high.
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