Polkadot (DOT) Is in an Uptrend, Faces Rejection at $29

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 reached bearish exhaustion as it faces rejection at $29. The altcoin has rebounded above the previous low at $23.50. The downtrend is presumed to be over as price breaks above the 21-day moving average. The current uptrend will be accelerated if the DOT price breaks above the 50-day line moving average. Meanwhile, Polkadot has continued to rise to the upside. The cryptocurrency will resume upside momentum if buyers push the altcoin above the 50-day line moving average. In other words, buyers will have to keep the price above the $40 high. The bullish momentum will extend to the previous high of $55. Meanwhile, DOT/USD is trading at $29.33 at press time.

Polkadot (DOT) Is in an Uptrend, Faces Rejection at $29
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is at level 48 of the Relative Strength Index for period 14. It indicates that the altcoin is still in the downtrend zone and below the centerline 50. DOT’s price is above the 21-day line moving average and below the 50-day line moving average.

Polkadot (DOT) Medium-term Trend: Ranging
On the 4–hour chart, the cryptocurrency is in an uptrend but the altcoin has reached the overbought region of the market. Meanwhile, on December 23 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that DOT will rise but will reverse at level 1.272 Fibonacci extension or $29.29.

Polkadot (DOT)Is in an Uptrend, Faces Rejection at $29
DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above 80% area of the daily stochastic. It indicates that the market has reached the overbought region of the market. Sellers will emerge to push prices downward.DOT price may decline to the downside.


.General Outlook for Polkadot (DOT)
DOT/USD has recovered from the downtrend as it faces rejection at $29. The current support is holding as the altcoin rebounds. However, the current uptrend is likely to be short-lived as the market reaches the overbought region of the market.

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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.