DOT/USD Retraces to $30 Support, Resumes Upside Momentum

DOT/USD Retraces to $30 Support, Resumes Upside Momentum

Key Resistance Levels: $35, $37.50, $40
Key Support Levels: $25,$22.50,$20

DOT/USD Price Long-term Trend: Bullish
The cryptocurrency is in a smooth uptrend. DOT price is making a series of higher highs and higher lows. The coin is currently making higher highs at a price of $32.50. The altcoin is retracing from the recent high. The recent price fall was a result of the overbought nature of the coin. The RSI is indicating that the price has not enough room to rally on the upside. The uptrend will resume as long as price is above the SMAs. Today, the price has retraced and found support above $30. The upward move will resume if the current support holds. On the upside, if price breaks the current resistance the market will rise to the next target price of $45.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
A bullish trend line is drawn showing the support levels of price. The uptrend will continue if price retraces and bounces above the trend line. Conversely, if price breaks and closes below the trend line, the uptrend is likely to be terminated. DOT is at level 74 of the Relative Strength Index period 14. This indicates that the pair is in the uptrend zone.

DOT/USD Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. On February 13 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the DOT price will rise to level 2.618 Fibonacci extensions or the high of $45.12 .

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is currently below the 40% range of the daily stochastic. It indicates that the pair is in a bearish momentum because of the earlier price fall. The SMAs are sloping upward indicating an uptrend.

General Outlook for Polkadot (DOT)
The cryptocurrency upward move is ongoing as price finds support above $30 support. According to the Fibonacci tool, the market will rise to level 2.618 Fibonacci extension. That is a high of $45.12.



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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.