Polkadot Reverses Its Downtrend as It Battles a High of $5.50

Polkadot (DOT) Long-Term Analysis: Bullish
Polkadot (DOT) price is correcting higher as it battles a high of $5.50. Since July 1, buyers have had a hard time breaking through the $5.50 resistance. Buyers tested the barrier line twice as the price retraced above the moving average lines. Today, the cryptocurrency price is increasing as it approaches the $5.50 resistance level.

If investors can get past the barrier of $5.50, Polkadot will increase its price to a high of $7.00. However, if buyers are unable to get past the resistance level, the DOT price will be forced to move in a band between $4.50 and $5.50. At the time of writing, the DOT price is $5.36.

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

Polkadot (DOT) Indicator Analysis
On the Relative Strength Index for period 14, Polkadot is currently trading near the area of the uptrend at level 59. The cryptocurrency will increase as soon as it crosses over the moving average lines. The 21-day SMA is higher than the 50-day SMA, which suggests that the value of the currency may rise further. The bullish momentum of the coin is currently over the daily Stochastic barrier of 75.

The bullish momentum will run out as the market approaches overbought territory.

What Is the Next Direction for Polkadot (DOT)
Polkadot has reversed its downward trend as it battles a high of $5.50. The coin’s worth has fluctuated between $4.50 and $5.50. However, the altcoin will keep expanding as long as price bars stay above the moving average lines.

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