Polkadot (DOT) Declines on the Downsides, Unable to Sustain Above $45 High

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 been struggling to sustain above the $45 high. Buyers have made two attempts to break above the recent high. In the first attempt, Polkadot was resisted as it fell to $44.90 support. Nevertheless, after the second retest, the altcoin slumped above the $45 support. The current price action has remained the same since October 20. The cryptocurrency will rally to $50 high if the bulls are successful above the recent high. However, if the bulls fail to sustain the bullish momentum, the DOT price will decline to $34 low.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 68 of the Relative Strength Index period 14. The market is near the overbought region. DOT/USD has not enough room to rally on the upside. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

Polkadot (DOT) Medium-term Trend: Bullish
The altcoin has been struggling to sustain above $45 support. The cryptocurrency will resume an upward move if the current bullish momentum is sustained. Today, the upward move has been repelled. Meanwhile, on October 22 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOT price will rise to level 1.618 Fibonacci extensions or $47.11.

DOT/USD – 30 Mins Chart

4-hour Chart Indicators Reading
DOT is below the 40% range of the daily stochastic but the stochastic bands are sloping upward. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. Polkadot has a bullish crossover as the 21-day SMA crosses above the 50-day SMA.

General Outlook for Polkadot (DOT)
Polkadot’s (DOT) price is in an upward move. The chances of rising are there as long as the price bars are above the moving averages. Buyers have to breach the $46 resistance zone to resume the upward move.


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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.