Polkadot (DOT) Is Stuck Below $46 As Price Fluctuates Between $38 And $44

Updated:

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

Polkadot (DOT) Price Long-term Trend: Ranging
For the past week, DOT price has been in a sideways move after its rejection at the $46 high. Today, the Polkadot is in a downward correction as price fluctuates between levels $38 and $44. In the previous week, buyers pushed the DOT price to the high of $46 but were resisted. DOT price pulled back and retested the recent high. There was a bearish reaction as the altcoin plunged to $38 low. Today, the crypto fluctuated between the range-bound levels. A retest at $46 overhead resistance is possible if price breaks above the minor resistance at $44.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price is above the 21-day SMA and the 50-day SMA which indicates a possible rise in price. The altcoin is at level 57 of the Relative Strength Index period 14. DOT is in the uptrend zone and capable of rising.


Polkadot (DOT) Medium-term Trend: Bullish
On the 4-hour chart, the altcoin is in a consolidation. On April 3 uptrend; a retraced candle body tested the 61.8% retracement level. This retracement indicates that DOT is likely to rise to level 1.618 Fibonacci extension or the high of $58.44.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is below the 80% range of the daily stochastic. It is in a bearish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for Polkadot (DOT)
Polkadot (DOT) is range-bound as price faces rejection at level $46. DOT price is expected to resume upward. According to Fibonacci tool, DOT will rise to $58.25 high if the $46 resistance is breached.

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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.