Polkadot’s Upswing Ends as It Holds above the $5.00 Support
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Polkadot (DOT) Long-Term Analysis: Bullish
Polkadot’s (DOT) price reached bullish exhaustion on November 13 as it holds above the $5.00 support. The altcoin is retracing, reaching a low of $5.34. On the plus side, further gains in the cryptocurrency are unlikely. The market’s latest high of $5.87 is an overhead resistance level. The bulls retested the overhead barrier three times in July before resuming selling pressure.
Polkadot hit a low of $3.56 on October 19 after the rejection in July. DOT/USD is now trading at a low of $5.22. Currently, selling pressure has subsided as it remains above the $5.22 support level. If the present support holds or the altcoin retraces above the moving average lines, the current uptrend will resume. The DOT price will rise and retest the resistance level of $5.87. The market will rise further to a high of $7.00.
Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4
Polkadot (DOT) Indicator Analysis
The cryptocurrency’s latest pullback has caused it to drop below the 21-day SMA. The crypto asset is now trading below the 21-day simple moving average but above the 50-day simple moving average. The altcoin is predicted to oscillate between the moving average lines while remaining above the $5.00 support level. When the resistance and support levels are breached, the altcoin will trend.
What Is the Next Direction for Polkadot (DOT)?
The bullish Polkadot trend has ended at a high of $5.87 but holds above the $5.00 support. It has currently retraced above the $5.00 support level, indicating that the rally will continue. The present upswing may come to a stop if the altcoin retraces past the $4.80 breakout level. Meanwhile, as long as the altcoin trades above the moving average lines, it will rise.
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