Polkadot (DOT) Is in a Sideways Move, Faces Rejection at $22

Azeez Mustapha



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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot’s (DOT) price is in an uptrend as it reaches the high of $22. The DOT price is making a series of higher highs and higher lows. For the past three days, the bulls have been struggling to break above the resistance level. The current uptrend will continue if price breaks the resistance at $22. A breakout will propel the altcoin to reach the high of $26. Meanwhile, DOT/USD is trading in the overbought region of the market. It is unlikely, the current resistance will be breached.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto is trading at level 68 of the Relative Strength Index period 14. The coin will reach the overbought region at level 70 of RSI. The implication is that DOT price has no room to rally on the upside. The crypto has a bullish crossover as the 21-day SMA crosses above the 50-day SMA indicating a buy signal. The moving average is sloping upward indicating the uptrend

Polkadot (DOT) Medium-term Trend: Bullish
On the 4 hour chart, the altcoin is in a smooth uptrend. A trend line is drawn showing the support levels of the market. The altcoin has reached the high of $22 but it is facing rejection at the $22 high. DOT price action is characterized by small body candlesticks called Doji and Spinning top. The candlesticks describe the indecision between buyers and sellers.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Polkadot is below the 80% range of the daily stochastic. The market has reached the overbought region. The coin is likely to face rejection in the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. Sellers will soon emerge in the overbought region.

General Outlook for Polkadot (DOT)
DOT/USD is likely to resume a downward move as it faces rejection at the recent high. If the crypto falls and breaks below the moving averages, the downtrend will resume. The uptrend will resume if price retraces and finds support above the moving averages.

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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.

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