Polkadot Is Stuck and Fears More Rejection at $8.57
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Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price has been caught between the moving average lines but fears more rejection at $8.57. Buyers made two unsuccessful attempts to keep the price above the 21-day SMA. Their actions would have led to continued upward movement of the cryptocurrency. On the downside, bears have made two failed attempts, to break below the 50-day SMA. Polkadot is currently trading at $7.53.
Currently, neither bulls nor bears have the upper hand as the altcoin trades between the moving average lines. The altcoin is in decline and will fall further if the bears break below the 50-day SMA. The market will reach a low of $5.40. In the meantime, Polkadot is caught between the moving average lines.
Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4
Polkadot (DOT) Indicator Analysis
Since January 3, the price bars have remained between the moving average lines, indicating that traders are unconcerned with price movement. Meanwhile, the moving averages are sloping downward, indicating a decrease on the 4-hour chart.
What Is the Next Direction for Polkadot (DOT)?
Polkadot is in decline and may fall further as it fears more rejection at $8.57 . On the downside, selling pressure will increase if the bears breach below the 50-day SMA. The cryptocurrency will resume its slide below the moving averages. However, the existence of Doji candlesticks may relieve the selling pressure. Otherwise, the sideways trend may continue in the current range.
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