Polkadot Trades Marginally Above The $5.00 Support

Dec 10, 2022 at 10:45 // Price
Coin Idol
 The rejection of the high at $5.70 led to the current decline

The price of Polkadot (DOT) is falling as it has broken below the 21-day line SMA. The rejection of the high at $5.70 led to the current decline.

Polkadot price long-term analysis: bearish

The previous range bounded zone, between $5.34 and $6.17, will be reached when the DOT price falls. The cryptocurrency value has been moving within the current price range since November 10. On the downside, DOT price will retest the $5.34 support level if the negative momentum below the 21-day SMA line is maintained. At the time of writing, Polkadot is currently trading at $5.35.

Polkadot indicator analysis 

The price of DOT is at the 44 level of the Relative Strength Index for the 14 period, which means that the altcoin is in a bearish trend zone. The price bars of the cryptocurrency are below the moving average line, which indicates a decline. The 21-day line SMA is crossed and broken by the price.

DOTUSD(Daily Chart) - December 9.22.jpg

Technical indicators 

Key resistance levels - $10 and $12

Important support levels - $6 and $4

What is the next direction for Polkadot? 

Polkadot is currently trading slightly below the 21-day line SMA. If the price falls below the 21-day moving average line, the altcoin will lose value. If the price stays above the 21-day line SMA, the sideways movement can continue.

DOTUSD(Daily Chart 2) - December 9.22.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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