Polkadot’s Slump Resumes As It Confronts Rejection at $4.10

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price is fluctuating within a narrow band as it confronts rejection at $4.10. The cryptocurrency’s price has previously been range-bound between $3.91 and $4.20 price levels. However, as the cryptocurrency value continues to decline, the bears have gained the upper hand.

Today’s price movement has been limited to an increase from the $4.10 low. As of the time of writing, Polkadot is retracing as it reaches level $4.08. The higher advance is unlikely because the $4.20 high is in an overbought area of the market, casting doubt on the upward movement.

If buyers appear in the overbought area of the market, the value of the crypto asset will decrease. Polkadot may fall and turn around at the $3.80 price level.

Daily Chart Indicators Reading:
Polkadot is at level 45 on the Relative Strength Index for period 14. The coin is in a bearish trend zone and may continue to fall. The price bars are testing the most recent high to break through it while they are below the moving average lines. The market for the crypto asset is already overbought.

It is above the daily Stochastic’s level 80. If purchasers are unable to surpass the recent high, the DOT price will decrease.

General Outlook for Polkadot (DOT)
Buyers are driving Polkadot’s price back to the previous high as it confronts rejection at $4.10. The altcoin also runs the risk of falling as it trades in the overbought area of the market. The coin has run out of room to rally. It is currently bouncing below the $4.10 resistance level.

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