What’s Next For Polkadot As The Bears Reappear

Over the last week, Polkadot shot up by 16% pushing DOT to trade at $21.15 at the time of writing. The bullish momentum helped the coin to trade above the $20 support level. Over the last 24 hours, DOT lost 2% of its market value. The coin was seen oscillating between $22.62 and $21 at press time. Polkadot had tried to breach the $22.62 resistance mark for quite some time over the past few days. The bulls were rejected each time as the aforementioned price ceiling has acted as a robust one. Although DOT flashed sideways trading, the bulls managed to keep prices above the 20-SMA line in the past few days. At press time, however, it could be seen that the bears were back as prices dipped below the 20-SMA mark. Price Analysis: DOT/USD Four Hour The price of DOT was seen below the 20-SMA line which meant that the price momentum of the coin was dragged by sellers. The nearest support region for DOT stood from $20.91 to $19.65. Polkadot’s trendline has been on the upside in the past few days as the coin continued to secure gains over the mentioned time frame. Polkadot considerably traded at the $22 price mark for a long, however, its attempt to move above that price level was dampened by the bears. The coin failed to trade above the crucial resistance mark, as a reason, DOT depreciated at press time. Continued sideways trading will further push prices down from the current level. Technical outlook also picked up on the bearish...