Polkadot (DOT) Makes Positive Moves, Targets Level $30.41

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price is in a downward correction but targets level $30.41. The cryptocurrency makes a brief uptrend but gets stuck below the $28 resistance zone. For the past 48 hours, the bulls have been struggling to break above the $27 resistance level. DOT price has been compelled to fluctuate between $25 and $28 price levels. On the upside, if the bulls are successful, Polkadot will resume up trending. The market will rise to retest the next resistance at level $30. The bullish momentum will extend to the high of $55. However, if price retraces and breaks below the $25 support, Polkadot will revisit the previous low of $23.

Polkadot (DOT) Makes Positive Moves, Targets Level $30.41
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The altcoin is at level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The 21-day line moving average is acting as resistant to DOT price. The 21-day line and 50-day line moving averages are sloping southward indicating the downtrend.

Polkadot (DOT) Medium-term Trend: Bullish
On the 4-hour chart, the DOT price is in an uptrend. The uptrend is hindered by the resistance at $27.Meanwhile, on January 12 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOT price will rise to level 1.618 Fibonacci extensions or $30.41.

Polkadot (DOT) Makes Positive Moves, Targets Level $30.41
DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Polkadot is below the 50% area of the daily stochastic. The market is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Polkadot (DOT)
DOT/USD has regained bullish momentum as it targets level $30.41. According to the Fibonacci tool analysis, the market will rise to level $30 but will face initial resistance at the recent high.

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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.