Polkadot Is in Decline but Faces More Rejection at $6.00

Polkadot (DOT) Long-Term Analysis: Bearish 
Polkadot’s (DOT) price has fallen to a new low of $5.45 but faces more rejection at $6.00. Previously, the altcoin’s price ranged between $6.20 and $7.70. On June 14, the bears breached the current price range, reaching a low of $5.45. Polkadot is trading in a limited range of $5.45 to $6.20, below the 21-day moving average line. Altcoin holdings have hit the market’s oversold area.

The altcoin is correcting upward to break through the next resistance level. On the upside, the bullish trend will resume if the price breaks above the $6.20 resistance level or the 50-day moving average line. Otherwise, the DOT price will fall below the moving average lines and within its current range. In the meanwhile, DOT/USD is currently valued at $5.92.

Technical indicators:  
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4
 
Polkadot (DOT) Indicator Analysis 
Polkadot has rebounded from its low of $5.45. The daily chart displays price bars  below the moving average lines despite the rebound. Nonetheless, the 4-hour chart shows price bars above the moving average lines. The previous support level of $6.20 is anticipated to provide resistance to the upward trend.

What Is the Next Direction for Polkadot (DOT)?
On the 4-hour chart, Polkadot is trading in a narrow range between $5.50 and $6.00 but faces more rejection at $6.00. DOT price fell to $5.40 as bulls bought dips. The cryptocurrency has corrected upward and been repelled at its high of $6.00. The cryptocurrency signal is range-bound as it fluctuates within the current price range.

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