Polkadot (DOT) Recoups above $34 Support, May Resume Upward Move

17 September 2021 | Updated: 17 September 2021

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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot’s (DOT) price has retraced to the low of $33. There are also bullish candlesticks above the $33 support. Also, the crypto’s price is above the moving averages suggesting that the retracement might have ended and an upward move is likely. In the previous price action, buyers pushed the altcoin to the $40 resistance zone but were repelled. Today, buyers are recouping above the $33 support for an upward move.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto is at level 57 of the Relative Strength Index period 14. The coin is in the uptrend zone and capable of resuming upward. DOT/USD price bars are above the 21-day and 50-day SMAs indicating a possible upward move.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4-hour chart, Polkadot is a downward move. The altcoin has retraced to the low of $33. Meanwhile, on September 16 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the DOT price will fall to level 2.0 Fibonacci extension or level $29.71. From the price action, the market fell to $33 and resumed upward.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Polkadot (DOT)
Polkadot is in a downward move. The altcoin has retraced to $33 low and resumed upward move. The crypto is likely to resume a fresh uptrend to retest the previous high. DOT/USD is trading at $34 at the time of writing.

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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.