Polkadot Falls as It Fails to Break the $5.00 Barrier

Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot (DOT) price is in the bullish trend zone as it fails to break the $5.00 barrier. Buyers have been struggling to surpass the most recent high for the last 48 hours. If the current resistance is broken, the cryptocurrency’s price will increase to a maximum of $5.40. The overbought condition of the cryptocurrency at its high of $5.00 is what’s causing the current rejection. The price of the cryptocurrency is varying below the area of resistance for potential retests. If Polkadot is rejected at the current high, it will be forced into a range-bound movement between the moving average lines. If it continues to fall below the 21-day SMA, the downward trend will resume. The prior low at $4.25 may be visited by the cryptocurrency.

Polkadot (DOT) Indicator Analysis
For period 14, the DOT price is at level 59 of the Relative Strength Index. Despite the recent rejection, Polkadot is still trading in the bullish trend zone. As the altcoin prepares to resume a range-bound move between the moving average lines, price bars are in between the moving average lines. Below the daily Stochastic level of 60, DOT is experiencing a bearish momentum. The downward slope of the moving average lines indicates a downtrend.

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

What Is the Next Direction for Polkadot (DOT)?
DOT/USD is currently being rejected as it fails to break the $5.00 barrier. Additionally, a region of the market has become overbought. If Polkadot is unable to surpass the most recent high, it might be forced to make a range-bound move.

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