Polkadot Battles the $4.81 High as It Attempts to Establish an Uptrend

Polkadot (DOT) Long-Term Analysis: Bullish
Polkadot (DOT) is trading above the moving average lines as it attempts to establish an uptrend. The price of cryptocurrency is creating a series of higher highs and higher lows. On November 1, the altcoin surged to a high of $4.81 before falling back. The bullish momentum is aiming for a high of $5. The resistance at $4.81, however, has slowed the upward movement.

On the plus side, if the DOT price reaches $5, it will match the historical price level of August 8. On August 8, the altcoin was rejected at its latest high, accelerating the downturn. The market eventually dropped to $3.56. Following the recovery, the DOT/USD price has continued to rise. At the time of writing, DOT/USD is trading at $4.64.

Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4

Polkadot (DOT) Indicator Analysis
DOT price retraced and bounced off the 21-day SMA on the 4-hour chart. This allows the coin to resume its upward movement. The price bars and moving average lines are rising, which indicates an uptrend. The altcoin is approaching the market’s overbought zone.

What Is the Next Direction for Polkadot (DOT)?
Polkadot is becoming more popular as it attempts to establish an uptrend. Bulls broke over the $4.20 resistance, allowing the price to rise. The cryptocurrency’s price retested the $4.20 level and began to rise again. Nonetheless, the upward trend has been delayed for four days. The bulls are still attempting to retest the recent high to establish a bullish trend.

You can purchase Lucky Block here. Buy LBLOCK

Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results