Polkadot (DOT) Hovers above $32 Support, May Resume Upward

Polkadot (DOT) Hovers above $32 Support, May Resume Upward

Key Resistance Levels: $35, $37.50, $40
Key Support Levels: $25,$22.50,$20

Polkadot (DOT) Price Long-term Trend: Bearish
Presently, Polkadot is in an uptrend. In the first uptrend, the coin was resisted at $40 and it retraced to $30 low. Buyers pushed the coin upward for the second time and were repelled at the resistance zone. The crypto is likely to find support above the 21-day SMA. On February 20, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOT will rise to reach level 2.0 Fibonacci extension or the high $61.21.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMAs are sloping upward indicating upward. DOT is at level 56 of the Relative Strength Index period 14. This indicates that the pair is in the uptrend zone and above the centerline 50.

Polkadot (DOT) Medium-term Trend: Bearish
On the 30-mins chart, the pair is in a downward move. The coin fell to $32 low and corrected upward. The upward correction was short-lived as the crypto resumes downward. Nonetheless, if the coin falls and breaks below $32, the selling pressure will persist. On March 5 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOT will fall to level 1.618 Fibonacci extension or the low of $30.05 and reverse. From the price action, DOT is hovering above $32 support for a possible reversal.

DOT/USD – 30-Mins Hour Chart

4-hour Chart Indicators Reading
The altcoin is currently below the 30% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The SMAs are sloping downward indicating a downtrend.

General Outlook for Polkadot (DOT)
Polkadot (DOT) is still retracing after the second rejection from the resistance zone at $40. The upward movement will resume if DOT finds support either above $32 or $30. At the same time, the bulls have to break the $40 overhead resistance. According to the Fibonacci tool, DOT has a target price of $61, if the current resistance is breached.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.