Polkadot (DOT) Rebounds above $44, Poises for Upward Move Soon

12 November 2021 | Updated: 12 November 2021

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

Polkadot (DOT) Price Long-term Trend: Bullish
Since November 8, Polkadot’s (DOT) price has been in a downward move. Today, the market is approaching the November 10 low of $42. On November 4, buyers have earlier pushed DOT price to the high of $55 but could not sustain the bullish momentum. After three attempts to keep the price above $55 high, the bulls were repelled by the bears. Today, the DOT price has fallen to the low of $45.18 from the high of $55. The downtrend may reach the previous low of $42.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot has fallen to level 48 of the Relative Strength Index period 14. The crypto was earlier in the overbought region as sellers emerged to push prices down. The altcoin is in the bearish trend zone and below the centerline 50. The crypto’s price is falling but below the 21-day line moving average and above the 50-day line moving average.

Polkadot (DOT) Medium-term Trend: Bullish
On the 4- hour chart, the altcoin is in a downward move. The cryptocurrency has broken below the moving averages to reach the low of $42.50. Meanwhile, on November 6 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOT price will fall to level 2.618 Fibonacci extensions or $39.35.

DOT/USD – 4 hour

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

General Outlook for Polkadot (DOT)
Polkadot’s (DOT) downward move has reached bearish exhaustion. A candlestick long tail is pointing to the $42.50 support. This indicates that the altcoin has a strong buying pressure above the $42 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.