Polkadot Recovers but Battles the Resistance at $6.10
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Polkadot (DOT) Long-Term Analysis: Bearish
The price of Polkadot (DOT) has crossed over the 21-day moving average line but battles the resistance at $6.10. The altcoin is now trading at $6.07 at the time of writing. The DOT price is above the 21-day SMA even though it is below the 50-day SMA. It is projected that the $6.50 high of the 50-day SMA would act as a barrier for the upward trend. But, if the $6.50 barrier is crossed, the DOT price will rise to a maximum of $7.50. On the other hand, Polkadot will probably be driven into a range-bound move between the moving average lines where the 50-day SMA is still intact.
Polkadot (DOT) Indicator Analysis
Polkadot is currently trading at level 48, as indicated by the Relative Strength Index for period 14 o. After a recent dip, the altcoin is now in a bearish trend zone. With the recent price recovery, the price bar is now above the 21-day moving average line. The coin is most likely trapped between the moving average lines.
Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4
What Is the Next Direction for Polkadot (DOT)?
Polkadot has recovered after reaching the oversold region of the market but battles the resistance at $6.10. The bulls bought the dips once the price dropped to $5.84. The price indicator had forecasted a low of $5.66 before this fall. Today, the market rose to a high of $6.08.
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