Polkadot (DOT) Breaks $40 Resistance, Poises for a Trending Move

Polkadot (DOT) Breaks $40 Resistance, Poises for a Trending Move

Key Resistance Levels: $60, $62, $64
Key Support Levels: $40,$38,$36
Polkadot (DOT) Price Long-term Trend: Ranging
Polkadot (DOT) price is falling on the downside after buyers retested the $40 0verhead resistance. Buyers have retested the overhead resistance severally and broken above it. However, the bulls could not sustain the bullish momentum above the overhead resistance because of the presence of sellers. A rally to $60 is likely if buyers breach the overhead resistance. Otherwise, the range-bound movement will persist. DOT price is retracing and if it finds support above the moving averages, the upward move will resume.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is above the moving averages despite the retracement. The upward moves will continue as long as price is above the SMAs. The altcoin is at level 57 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone above the centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend.

Polkadot (DOT) Medium-term Trend: Bullish
On the Daily chart, the altcoin has resumed a sideways move below the overhead resistance. On April 4 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that DOT is likely to rise to level 1.618 Fibonacci extension or the high of $57.77.

DOT/USD – Daily Chart

4-hour Chart Indicators Reading
The altcoin is above the 80% range of the daily stochastic. DOT price is approaching the overbought region of the market. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the price movement.

General Outlook for Polkadot (DOT)
According to the price indicator, Polkadot (DOT) is likely to move up on the upside. From the price action, the coin has been range-bound below the overhead resistance for three months. Today, buyers are retesting the resistance for a possible upward move.


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Author : Azeez Mustapha

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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.