Polkadot’s Oscillates above $5.00 as It Resumes Its Ascension
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Polkadot (DOT) Long-Term Analysis: Bullish
The price of Polkadot (DOT) has continued to rise above the moving average lines as it resumes its ascension. The altcoin has been trending sideways since November 11. The price of the cryptocurrency varies between $5.00 and $5.80. The DOT pricing is currently mired around the middle of the range.
As of this writing, its trade price is $5.49. The price indicator indicates that if the barrier at $5.87 is broken, the altcoin will advance to a level of $6.95 or the 1.618 Fibonacci extension. However, if the price breaks below the $5.00 support level or the 21-day $MA, the present uptrend will come to a stop.
Polkadot’s low is expected to be $4.55.
Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4
Polkadot (DOT) Indicator Analysis
The altcoin’s price will continue to rise as long as it remains above the moving average lines on the daily chart. The price bars on the 4-hour chart alternated between being above and below the moving average lines, indicating a strong sideways trend. The moving average lines that slope horizontally display the current range bound zone.
What Is the Next Direction for Polkadot (DOT)?
Since November 11, Polkadot has been moving sideways as it resumes its ascension. The price of the cryptocurrency has remained steady between $5.00 and $5.80. The range-bound levels have not been broken in the last week. The range-bound trend will continue as long as the range-bound levels remain intact.
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