Polkadot Is Falling as It Battles to Stay above $5.00
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Polkadot (DOT) Long-Term Analysis: Bullish
Polkadot (DOT) is trading above the bullish trend zone as it battles to stay above $5.00. The uptrend that began on July 3 was broken when the altcoin fell above the moving average lines. The current downturn has begun to level off above the moving average lines. If the price of the cryptocurrency rises over the moving average lines, the uptrend will restart.
The DOT price increased to a high of $7.00. However, if the price of the cryptocurrency falls below the moving average lines, the downturn will resume. The market will drop to $4.50, its previous low. Meanwhile, the cryptocurrency’s price is fighting to stay above the moving average lines.
Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4
Polkadot (DOT) Indicator Analysis
The crypto asset is at level 51 on the Relative Strength Index for period 14. Polkadot has thus attained its equilibrium price level. That is, demand and supply have achieved a point of equilibrium. If the price bars maintain above the moving average lines, the altcoin will climb.
The altcoin is in a negative trend below the daily Stochastic threshold of 80.
What Is the Next Direction for Polkadot (DOT)
Polkadot is resuming an uptrend as it battles to stay above $5.00. The cryptocurrency price will continue to rise if it continues above the moving average lines.The cryptocurrency will plummet if the bears’ breach below the moving average lines.
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