Polkadot (DOT) Recovers Above The $28 Support, Poises For Upward Move Soon

Polkadot (DOT) Recovers Above The $28 Support, Poises For Upward Move Soon

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

Polkadot (DOT) Price Long-term Trend: Ranging
Since April 24, DOT price fell to the $28 support as the altcoin resumed upward. The recent fall was caused by a rejection from the high of $48. The bottom line is that since Polkadot attained its price level at $40, the upward move becomes impossible. The coin was compelled to trade below the $40 resistance. On April 5 and 17, buyers push DOT price above the $40 high but the bullish momentum was repelled. Today, Polkadot is rising to retest the $40 resistance. The sideways move will continue until the $40 resistance is convincingly breached.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT/USD has risen to level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and the 50-day SMA are sloping horizontally since February 22 when the coin resumed a range-bound movement.

Polkadot (DOT) Medium-term Trend: Bullish
On the 4-hour chart, the altcoin has resumed an upward move. On April 28 uptrend; a retraced candle body tested the 78.6% retracement level. This retracement indicates that DOT is likely to rise to level 1.272 Fibonacci extension or the high of $37. DOT is rising and approaching the Fibonacci 1.272 extension which will spark off the reversal.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above the 80% range of the daily stochastic. DOT price is approaching the overbought region of the market. Presently, DOT price has a bullish crossover. The 21-day SMA crosses over the 50-day SMA which gives a buy signal.

General Outlook for Polkadot (DOT)
Polkadot (DOT) has resumed an upward move after recovering above the $28 support. The altcoin is struggling to sustain above the $40 resistance. Previous attempts to sustain above $40 high have failed. Meanwhile, DOT has a target price of $58.23 if the current resistance is breached.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.