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

Azeez Mustapha



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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.

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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.

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