Polkadot’s Upswing Ceases As It Retests The $5.80 Peak

Polkadot (DOT) Long-Term Analysis: Ranging
The price of Polkadot (DOT) has remained above the moving average lines as it retests the $5.80 peak. However, the upswing has ceased since November 12, when the price reached its historical high of July 21. The uptrend ended on November 13 when it slipped between the moving average lines. The bulls bought the dips, resulting in the rally.

The altcoin is above the moving average lines and has reached a high of $5.52. The bulls plan to recover the $5.80 high. If the bulls can break above the current resistance level, the market will achieve a high of $8.75. The most recent high, however, has not been broken since July 21.

Polkadot, on the other hand, will trade below the resistance level but above the moving average lines if the bulls are unable to penetrate. The fall, however, occurs when the 21-day $MA is breached.

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

Polkadot (DOT) Indicator Analysis
Since the uptrend’s end, the moving average lines on the 4-hour chart have been sloping horizontally. The price bars have held above the moving average lines, indicating that the cryptocurrency will continue to rise. Buyers are having difficulty breaking through the resistance level since the coin has reached overbought territory.

What Is the Next Direction for Polkadot (DOT)?
Polkadot has started a sideways trend as it retests the $5.80 peak. Since November 12, the price of DOT/USD has been oscillating between $5.00 and $5.80. Breaking the resistance and support levels will determine whether the market moves higher or downward. Meanwhile, the altcoin is trading above the moving average lines.

You can purchase Lucky Block here. Buy LBLOCK

Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results