Polkadot (DOT) Rebounds above $26 Low, Targets $45 Price Level

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 fallen to $26 low as the altcoin rebounds above the current support. The $26 support is the historical price level of September 28. In September, the altcoin rebounded above the current support to reach the previous highs. Today, the market has reached the oversold region. The downward movement prices are likely to subside. There are bullish candlesticks above the current support indicting a possible upward move of the altcoin. Meanwhile, DOT/USD is trading at $27.78 at the time of writing.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The cryptocurrency is at level 32 of the Relative Strength Index period 14. The market is rising but the altcoin is in the downtrend zone and below the centerline 50. The crypto’s price bars are below the moving averages which indicate a further downward move.

Polkadot (DOT) Medium-term Trend: Bearish
Polkadot is in a downward correction. The altcoin is making an upward move above the current support. Meanwhile, on November 28 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOT price will fall but reverse at level 1.272 Fibonacci extensions or $25.74.

DOT/USD – Daily Chart

Daily Chart Indicators Reading
The crypto is above the 25% area of the daily stochastic indicating a bullish momentum. The stochastic bands are sloping horizontally above the current support. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend.

General Outlook for Polkadot (DOT)
P0lkdot has resumed upward move. The altcoin has been hovering above the $26 support for some time. The market is likely to hold above the current support. The candlestick has indicated strong buying pressure above the current support

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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.