Polkadot Rises but Pauses at the Historical Price Level of $7.70
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Polkadot (DOT) Long-Term Analysis: Bullish
The price of Polkadot (DOT) has broken above the moving average lines but pauses at the historical price level of $7.70. The cryptocurrency asset has risen to a high of $7.70 as of this writing. On the upside, the price indicator predicts that DOT will increase to the 2.0 Fibonacci extension or $8.50 price level.
Currently, the price movement has encountered a resistance level of $7.70, which is the historical price level of January 14, 2024. However, since January 14, 2024, buyers have not exceeded the $7.70 high. Polkadot may begin a sideways move above the moving average lines but below the barrier at $7.70. That is if the alternative coin faces rejection at the recent high.
Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4
Polkadot (DOT) Indicator Analysis
Following the price rebound, the price bars returned above the moving average lines. This has propelled the altcoin to continue its advance while remaining above the moving average lines. On the 4-hour chart, the moving average lines are sloping northward, indicating an uptrend.
What Is the Next Direction for Polkadot (DOT)?
Polkadot’s 4-hour chart shows an upswing but pauses at the historical price level of $7.70. The upswing is stalled around the $7.70 high. Following its inability to break above the current high, the cryptocurrency’s price has fluctuated below it. Nonetheless, once Polkadot enters the overbought region, the crypto signal will turn negative.
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