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

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.

You can purchase crypto coins here: Buy Coins



Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

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