Polkadot (DOT) Price Breaks Above the Resistance Levels, Faces Rejection at $44


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

Polkadot (DOT) Price Long-term Trend: Ranging
Polkadot (DOT) price is making an impressive upward move. Buyers have broken the resistance at $40 and $42. Nonetheless, if the current bullish momentum is sustained, DOT price will reach a new high of $48. However, in the previous price action on April 5 and 17, DOT prices reach the highs of $45 and $48 and were repelled. The altcoin fell to the range-bound zone and resume fluctuations between $28 and $40. Today, an uptrend is facing resistance at the recent high.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
. The altcoin has risen to level 60 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone above the centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend.

Polkadot (DOT) Medium-term Trend: Bullish
On the 4 -hour chart, DOT price is in a strong uptrend. The price has broken the initial resistance level. On May 5 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that DOT is likely to rise to level 1.272 Fibonacci extension or the high of $42.69. The market is expected to reverse at the recent high.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above the 80% range of the daily stochastic. DOT price has reached the overbought region of the market. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the price movement.

General Outlook for Polkadot (DOT)
DOT/USD is presently in an upward move. Buyers have pushed DOT price above the resistance level but may not sustain the bullish momentum. The selling pressure above the resistance is overwhelming. Besides, the altcoin is likely to fall as it 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.