Polkadot (DOT) Is in a Sideways Trend, Fluctuates Between $36 and $38

Polkadot (DOT) Is in a Sideways Trend, Fluctuates Between $36 and $38

Key Resistance Levels: $40, $42, $44
Key Support Levels: $30,$28,$26

Polkadot (DOT) Price Long-term Trend: Ranging
DOT price is presently stuck below $38 for the past two days. The coin is now fluctuating between $36 and $38. Buyers were able to push the crypto to the high of $40 but could not sustain the uptrend. The price was repelled after reaching the overbought region. Presently, the price is falling toward the lower price range. If it breaks below $36 support; it will further decline to $34 low. However, if the $36 support holds, the crypto will continue its range bound movement between $36 and $38.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating upward. However, the market is presently in a sideways move. DOT is at level 60 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 4-hour chart, the pair rose to $40 high but was resisted. DOT fell to a $36 low and resumed a sideways trend. On March 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOT will fall to level 1.272 Fibonacci extension or the low of $34.95 and reverse.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is currently below the 40% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The SMAs are sloping upward indicating the uptrend.

General Outlook for Polkadot (DOT)
Polkadot (DOT) is presently consolidating between $36 and $38. According to the Fibonacci tool, the market will further decline to 1.272 Fibonacci extension or the low of $34.95. Thereafter, the cryptocurrency may resume upward.

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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.