Polkadot (DOT) Breaks Resistance At $40, Resumes Uptrend


Key Resistance Levels: $40, $42, $44
Key Support Levels: $30,$28,$26

Polkadot (DOT) Price Long-term Trend: Bullish
On April 2, buyers pushed DOT price above the $40 resistance. The altcoin rallied to $46.74 high but was resisted. With this breakout, the crypto has broken the range movement of February 20. However, for the past 48 hours, the coin fell to the previous low above $40 and it is resuming upward. The upward move is facing another rejection at the $42 high. Buyers are currently defending the $40 support level. On the upside, if buyers clear the $42 resistance, the market will rally above $53 high. Conversely, if the bears break the $40 support, DOT will fall into the range-bound zone. Perhaps the coin will retest the previous low at $28.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. DOT has risen to level 57 of the Relative Strength Index period 14. DOT is in the uptrend zone and above the centerline 50.

Polkadot (DOT) Medium-term Trend: Bullish
On the 4-hour chart, the altcoin is making an upward move. DOT price broke the $40 resistance but retraced back to the $40 support. Meanwhile, on April 3 uptrend, a retraced candle body tested the 61.8% retracement level. This retracement indicates that DOT is likely to rise to level 1.618 Fibonacci extension or the high of $58.32.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above the 80% range of the daily stochastic. The stochastic bands are sloping downward. It indicates that DOT is in the overbought region. Sellers are likely to emerge in the overbought region. The SMAs are sloping upward indicating the uptrend.

General Outlook for Polkadot (DOT)
Polkadot (DOT) price is likely to trend upward if bulls clear the resistance at $42. The crypto’s price is above the 21-day and 50-day SMAs which indicates a possible rise of the coin.

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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.