Polkadot Is on the Rise, with a Price Objective of $5.20

Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot (DOT) has recovered above the $4.80 support, with a price objective of $5.20. The altcoin has earlier fallen below the range bound zone. The cryptocurrency’s price fell to a low of $4.62 before recovering. It is attempting to retest or break above the prior support level of $4.96. If purchasers are successful, the crypto asset will revert to its prior range bound zone.

The coin will rise above moving average lines or break through the $5.20 barrier level. If buyers are unable to overcome the initial resistance at $4.96, Polkadot will begin selling pressure. It will first fall to the previous low of $4.40. Meanwhile, the altcoin is on the rise following a recent dip.

Polkadot (DOT) Indicator Analysis
The fall is reaching the oversold region of the Relative Strength Index at level 35 for period 14. The price bars are drastically below the moving average line as the coin gets closer to the oversold area. The selling pressure will end when the market is oversold.

The altcoin is correcting upward and is now trading above the daily Stochastic. The coin was previously oversold, but buyers have emerged to push prices higher.

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

What Is the Next Direction for Polkadot (DOT)
Polkadot is trading near the chart’s bottom with a price objective of $5.20. As buyers emerge, the altcoin has previously plummeted to the market’s oversold region. If the altcoin climbs and breaks above the moving average lines or the barrier at $5.20, it will recover.

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