Polkadot Struggles Above $6.20 as Purchasers Recoup

Polkadot (DOT) Long-Term Analysis: Bearish
Polkadot’s (DOT) price has returned following the price drop on April 13, 2024, as purchasers recoup. The altcoin had previously plummeted to a low of $5.67 before bulls purchased the dips. The altcoin corrected upward and remained above the $6.20 support level. Over the last week, the altcoin has wavered between $6.20 support and below the moving average lines. The upward correction is encountering a first resistance at the high of $7.29.

Polkadot will resume its bullish trend if it rebounds and breaks above the moving average lines or the resistance level at $9.00. The bullish momentum will continue till the previous high of $11.85. However, if the bullish scenario is invalidated, the range-bound move will continue. Polkadot is currently worth $7.14.

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

Polkadot (DOT) Indicator Analysis
Polkadot is gaining on the 4-hour chart since the price bars are higher than the moving averages. The rising movement has been hampered by the $7.25 opposition. The bullish momentum will be continued if the altcoin trades in the bullish trend zone or above the resistance level of $9.00.


What Is the Next Direction for Polkadot (DOT)?
Polkadot is still trading above the $6.20 support level following the end of the bearish trend as purchasers recoup. The altcoin is currently trading between $6.20 and $7.25. When current price levels are breached, the cryptocurrency will trend. Meanwhile, the crypto signal has remained range-bound pending the start of the trend.

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