Polkadot (DOT) Consolidates Above $40 Amidst Bullish Expectation

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bullish
Today, Polkadot’s (DOT) price has risen to the high of $42. The current uptrend is facing resistance at the $44 resistance zone. Yesterday, the market declined to $40 support. The $40 support is holding with the appearance of bullish candlesticks. DOT price will resume a fresh uptrend if the current support holds DOT/USD will resume an upward move if the current resistance is breached. The market will attain a new high of $50.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 64 of the Relative Strength Index period 14. It indicates that the current bullish momentum is reaching the overbought region of the market. DOT price will be overbought at level 70 of the daily RSI. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

Polkadot (DOT) Medium-term Trend: Bullish
On the 4 hour chart, the altcoin has resumed an upward move after rebounding above the $36 support. The current uptrend reached the high of $42.42 but was repelled. Meanwhile, on October 13 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOT will rise to level 2.0 Fibonacci extensions or $50.59 .

DOT/USD – 4 hour

4-hour Chart Indicators Reading
DOT is below the 80% range of the daily stochastic. However, the stochastic bands are sloping upward indicating an upward move. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Polkadot (DOT)
Polkadot’s (DOT) price is in an upward move. The altcoin is trading in the bullish trend zone. There is the possibility of a further upward movement of the crypto. A break above the $44 resistance will catapult the coin to $50 high.


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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.