Polkadot (DOT) Faces an Uphill Task as It Struggles Below the $28.50 High
Login

Polkadot (DOT) Faces an Uphill Task as It Struggles Below the $28.50 High

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot’s (DOT) price is struggling to break above the resistance at $28.50. A break above the recent high will catapult the crypto to the high of $35. Presently, buyers are attempting to break the recent high convincingly. However, DOT price is trading in the overbought region. If buyers fail to break the recent high, sellers will take advantage to push price downward. Sellers will push the price to the next support level at $24. The uptrend will resume if the $24 support holds, otherwise, the downtrend will continue on the downside.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The altcoin has risen to level 79 of the Relative Strength Index period 14. The market has reached the overbought region. The crypto is likely to resume selling pressure. Also, the DOT price is above the 80% range of the daily stochastic. It indicates that the market is in the overbought region. The 21-day and 50-day SMAs are sloping upward indicating the trend.

Polkadot (DOT) Medium-term Trend: Bullish
On the 4-hour chart, Polkadot has regained bullish momentum as it breaks above the $28.50. Meanwhile, on the August 17 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOT will rise to level 2.618 Fibonacci extension or level $36.02.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Polkadot is above the 80% range of the daily stochastic. The crypto is in the overbought region. The coin is likely to face rejection in the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. Sellers will soon emerge in the overbought region.

General Outlook for Polkadot (DOT)
DOT/USD is rising after the initial resistance at $28.50. The altcoin is expected to reach a high of $35 if the bullish momentum is sustained. However, the overbought condition may not permit the altcoin to rally on the upside as sellers emerged.


You can purchase crypto coins here. Buy Tokens

Note: Learn2Trade 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
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News