Polkadot (DOT) Holds above $40, May Resume Uptrend

29 October 2021 | Updated: 29 October 2021

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

Polkadot (DOT) Price Long-term Trend: Bullish
Today, Polkadot’s (DOT) price is trading above the moving averages. Buyers pushed the altcoin to the high of $45.76 but were resisted at the recent high. The cryptocurrency fell to the support above the 21-day SMA. Simultaneously, the altcoin has resumed upward above the current support. Polkadot will resume upward if the 21-day SMA or the $38 support holds. The altcoin will decline if the current support is breached.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 55 of the Relative Strength Index period 14. The altcoin trades in the bullish trend zone, therefore there is a possibility of a further upward movement of the coin. The 21-day and 50-day SMAs are still sloping upward indicating the uptrend. Presently, the market is below the 80% range of the daily stochastic.

Polkadot (DOT) Medium-term Trend: Bullish
On the 3- hour chart, the altcoin is resuming a fresh uptrend. The uptrend is being restricted by the 21-day SMA and the 50-day SMA. The uptrend will continue when price breaks above the moving averages. Meanwhile, on October 28 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 $45.02.

DOT/USD – 3 hour

3-hour Chart Indicators Reading
DOT is below the 80% range of the daily stochastic. The market is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Polkadot (DOT)
Polkadot’s (DOT) price is still above the moving averages. There is a likelihood of an upward movement of the cryptocurrency. DOT price will have an accelerated movement if price breaks above the moving averages.

You can purchase crypto coins here: Buy Coins

Note: Learn2Trade.com 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
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
Share with other traders!

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.