Polkadot Fluctuates Below $6.81 as It Targets the $7.41 High

Polkadot (DOT) Long-Term Analysis: Bullish
Polkadot (DOT) is becoming more expensive as it targets the $7.41 high. Buyers have been battling the overbought state of the crypto since January 14. Polkadot was rejected on January 14 at the overbought price of $6.63. Bulls bought the dips as sellers drove the coin’s price down to a low of $5.59. On January 23, as DOT received yet another rejection, its price reached a high of $6.81. The $7.00 resistance zone served as a barrier to the upward trend. If buyers move past the current resistance, Polkadot will advance to the following barrier. The cryptocurrency asset will eventually fall to its previous low of $5.59, where the altcoin is rejected from the current high.

Polkadot (DOT) Indicator Analysis
At level 68 of the Relative Strength Index for period 14, the altcoin is in the bullish trend zone. Every time an altcoin is rejected at the overbought area, its price rises. The altcoin will rise as long as the price bars are above the moving average lines. Polkadot is currently in a bullish momentum above the daily Stochastic level of 75.

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

What Is the Next Direction for Polkadot (DOT)?
The DOT/USD is maintaining its bullish trend as it targets the $7.41 high. Due to the overbought situation, the altcoin has retraced from its high of $6.81. Ether has regained bullish momentum above the moving average lines on the 4-hour chart. It is aiming for the $7.41 peak.

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