Polkadot (DOT) Fluctuates Above $27 Support, May Resume Uptrend

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price is still in a downtrend but may resume uptrend. The price is above the 21-day line SMA but below the 50-day line SMA. If the 21-day line support holds, the DOT price will resume fluctuation between the moving averages. The altcoin is in a bullish momentum. A retest at the $32 resistance is likely as the support holds. On the upside, if buyers push the altcoin above the moving averages, it will signal the resumption of the uptrend. On the other hand, if the bears break below the $27 support, the market will decline to the low of $23.50.

Polkadot (DOT) Fluctuates Above $27 Support, May Resume Uptrend
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto is at level 45 of the Relative Strength Index for period 14. Polkadot is still in the downtrend zone but below the centerline 50. DOT’s price is above the 21-day line moving average but below the 50-day line moving average. The moving averages are sloping southward indicating the downtrend.

Polkadot (DOT) Medium-term Trend: Ranging
Polkadot is in a downtrend but the market is correcting upward. DOT price is approaching the 21-day line moving average. Meanwhile, on December 29 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that DOT will fall but will reverse at level 1.272 Fibonacci extensions or $25.63.

Polkadot (DOT) Fluctuates Above $27 Support, May Resume Uptrend
DOT/USD – Daily Chart

4-hour Chart Indicators Reading
Polkadot is above 40% area of the daily stochastic. DOT price is expected to rise. The 21-day line and the 50-day line moving averages are sloping downward.

.General Outlook for Polkadot (DOT)
DOT/USD is fluctuating above the $27 support but may resume uptrend. A retest at the $32 high is likely. The upside momentum will resume if the bullish momentum is extended above the $40 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.