Polkadot Begins Its Range by Holding above the $6.90 Support

Polkadot (DOT) Long-Term Analysis: Bearish 
Polkadot (DOT) is recovering after holding above the $6.90 support. The cryptocurrency has retraced to a price range of $6.20 to $7.70. The retracement was halted when the altcoin found support above $6.90. However, if the bearish momentum breaks below the moving average lines, the altcoin will fall to a low of $6.20. Polkadot will resume its upward trend if the $6.90 support holds.

Nonetheless, the upward movement has been hampered by the resistance at $7.70 on four occasions. On the upside, if the current resistance level is broken, the DOT/USD price will rise to $10. In the meanwhile, the altcoin is currently worth $7.00.

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

Polkadot (DOT) Indicator Analysis 
Polkadot has retraced between the moving average lines following its latest rejection. The cryptocurrency’s price is above the 50-day SMA and $6.90 support. Selling pressure will return if the current support levels are surpassed. The moving average lines are horizontal because the sideways movement has been continuous and repeated.

What Is the Next Direction for Polkadot (DOT)?
Polka-dot has returned to its range by holding above the $6.90 support. The altcoin is currently priced in the center of the range. The altcoin plummeted to a low of $6.90 before rising again. Since May 16, the present support has been stable. The range-bound move in the cryptocurrency signal will start as long as the existing support holds.

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