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The Polkadot price prediction could break below the $7 support if the price fails to cross above the 21-day moving average.
Polkadot Prediction Statistics Data:
- Polkadot price now – $7.78
- Polkadot market cap – $7.6 billion
- Polkadot circulating supply – 987.5 million
- Polkadot total supply – 1.1 million
- Polkadot Coinmarketcap ranking – #11
DOT/USD Market
Key Levels:
Resistance levels: $12, $13, $14
Support levels: $5, $4, $3
DOT/USD is could not break above the resistance level of $10 as the coin remains within the 9-day and 21-day moving averages due to the renewed bearish momentum emanating from the rejection around $7.70. At the moment, Polkadot (DOT) price is currently trading with a 1.02% loss, and the value remains below the average within the market.
Polkadot Price Prediction: Polkadot Price May Delay Its Uptrend
The Polkadot price may continue to consolidate in a flag formation as the coin may face a downtrend. However, the daily breakdown reveals that DOT/USD may delay its uptrend as long as the 9-day MA remains below the 21-day MA. Meanwhile, if the support level of $7 gets weak, a price break-down may occur as the bears may find new lows at $5, $4, and $3 support levels.
On the other hand, a bullish movement towards the upper boundary of the channel may push the market to the nearest resistance level of $10 before touching the potential resistance levels at $12, $13, and $14. Now, the technical indicator Relative Strength Index (14) is still below the 50-level, this could keep the coin at the downside.
When compared with Bitcoin, the coin is at the time of writing trading above the 9-day and 21-day moving averages and what the traders need to note here is that the market is preparing to change the trend and a long-term bullish breakout is most likely to play out because the technical indicator Relative Strength Index (14) stays around 60-level and this could find the nearest support level at 3100 SAT and below.
However, the only condition for the resumption of the bullish trend is if the 3700 SAT can provide support for the market, then the price may be able to cross above the upper boundary of the channel before touching the resistance level of 4500 SAT and above. Meanwhile, the Polkadot price may cross below the moving averages if the signal line of the technical indicator Relative Strength Index (14) moves below the 60-level and heads toward the downside.
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