Polkadot Consolidates above the $16 Support, Poises to Revisit the $23 High

Updated:

Key Resistance Levels: $60, $62, $64
Key Support Levels: $40, $38,$36

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price is in a downward correction as it poises to revisit the $23 high. On February 24, the crypto’s price resumed selling pressure as price broke below the $16 support. DOT price slumped to $14.07 but pulled back. The pullback was above the $16 support. A candlestick has protruding long tail after the pullback. The candlestick indicates that the current support has strong buying pressure. Therefore, the $16 low is likely to hold. On the upside, if price rebounds, buyers will attempt to push the price to retest the $23 resistance. A break above the $23 high will propel Polkadot to rally above the moving averages

Polkadot Consolidates above the $16 Support, Poises to Revisit the $23 High
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is at level 33 of the Relative Strength Index for period 14. The crypto has reached the oversold region of the market. Therefore, further selling pressure is unlikely. The cryptos price is below the moving averages which makes it prone to fall.

Polkadot (DOT) Medium-term Trend: Bearish
DOT/USD downward move has reached bearish exhaustion. The altcoin has recovered as it resumed upward. Meanwhile, on January 22 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that DOT will fall to level 1.272 Fibonacci extension or level $13.46.From the price action, the altcoin is trading above the $16 support.

Polkadot Consolidates above the $16 Support, Poises to Revisit the $23 High
DOT/USD – Daily Chart

4-hour Chart Indicators Reading
.The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend. Polkadot is above the 25% area of the daily stochastic. The altcoin fell to the oversold region and pulled back. Buyers will emerge in the oversold region to push prices upward

General Outlook for Polkadot (DOT)
DOT/USD has reached bearish exhaustion as it poises to revisit the $23 high. The altcoin is recovering as it consolidates above the $16 support. The uptrend will resume if price rebounds above the current support.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.