Polkadot (DOT) Is in a Fresh Uptrend, Faces Rejection at $26.50


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

Polkadot (DOT) Price Long-term Trend: Bullish
Today, Polkadot’s (DOT) price has regained bullish momentum as the crypto reach the high of $25.95. In the previous price action, Polkadot declined to the low of $23.47. For the past week, the altcoin has been in a downward move. Nevertheless, the selling pressure has subsided as bulls defended the $24 support. Buyers are attempting to push the DOT price to the previous high of $29.35. However, the bulls are likely to face rejection at the $27 high.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is at level 60 of the Relative Strength Index period 14. The altcoin is in the bullish trend zone and above the centerline 50. The DOT price is above the 50% range of the daily stochastic. It indicates that the market has resumed bullish momentum. 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 resumed upward move. DOT price has broken above the 21-day SMA as the market resumes upward. Meanwhile, on the August 22 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOT will fall to level 2.618 Fibonacci extension or level $22.22. From the price action, the market has reversed above $24 support.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Polkadot is above the 50% range of the daily stochastic. The crypto is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Polkadot (DOT)
DOT/USD has resumed upward move. The crypto is likely to revisit the previous high. The upward move is facing resistance at the $28.50 high. On August 25, DOT was repelled as it fell to $24 low. Today, the altcoin is facing the same resistance level.

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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.