Polkadot (DOT) Is in a New Uptrend, Breaks above $40 Resistance

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price has broken below the moving average to reach the low of $37.80. Today, the DOT price has rebounded above the current support as the market resumes an upward move. If buyers push the altcoin above the moving averages, Polkadot will be out of downward correction. The crypto will resume upside momentum to retest the previous highs. In the meantime, the altcoin has risen to the high of $41 at the time of writing.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot has fallen to level 47 of the Relative Strength Index period 14. The crypto is still in the downtrend zone and below the centerline 50. The crypto’s prices are below the 21-day line and the 50-day line moving averages.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4- hour chart, the altcoin is in a downward move. DOT price has fallen to the low of $37 and resumed upward. Meanwhile, on November 6 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOT price will fall to level 2.618 Fibonacci extensions or $39.50. The market has tested the Fibonacci level and resumed the current uptrend.

DOT/USD – 4 hour

4-hour Chart Indicators Reading
DOT price is above the 40% range of the daily stochastic. The market has resumed bullish momentum. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Polkadot (DOT)
Polkadot’s (DOT) has begun the resumption of the uptrend. DOT/USD has broken above the 21-day line moving average in the lower time frame. A break above the moving averages will propel the crypto to rise.


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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.