Polkadot (DOT) Holds Above $33 Support, Battles Resistance at $35


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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot’s (DOT) price is trading above the moving averages. The altcoin is making positive moves in the bullish trend zone. On October 2, buyers pushed the altcoin to the $33 high. The altcoin was resisted as it fell to the low of $29 as bulls bought the dips. The second uptrend has broken the initial resistance at $33 to reach the high of $35. Today, buyers are still struggling to break above the recent high.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The altcoin is at level 58 of the Relative Strength Index period 14. Polkadot is above the centerline 50. It indicates that the market has reached an uptrend zone and is capable of rising on the upside. 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 made two upward moves but was resisted. The crypto retraced to the support above the $33 support. Meanwhile, on October 7 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOT will rise to level 1.618 Fibonacci extensions or $35.30.

DOT/USD – 4 hour Chart

4-hour Chart Indicators Reading

DOT is below the 80% range of the daily stochastic. It is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend. 

General Outlook for Polkadot (DOT)
Polkadot’s (DOT) price is in an upward move. The upward move is facing resistance at the high of $35. A breakout at the recent high will push the altcoin to reach the previous high of $38.

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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.