Polkadot (DOT) Resumes Uptrend, Battles the Resistance at $15.24


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

Polkadot (DOT) Price Long-term Trend: Bearish
Today, Polkadot’s (DOT) is retracing after facing rejection at the $15.60 resistance. The crypto fell to $14.40 low and resumed an upward move. Since July 26, Polkadot has been facing rejection at the $15.24 resistance. On the upside, if buyers breach the $15.24 high, the market will rise to $17 high. On the other hand, if the DOT/USD faces rejection, the DOT price will continue to fluctuate between $13 and $15.24.

DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day and the 50-day SMAs are sloping southward indicating the downtrend. The price bars are below the moving averages which suggest further downsides.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4 hour chart, the altcoin is making an uptrend. The uptrend is facing rejection as price fell above the 21-day Support. The uptrend is likely to continue if the 21-day SMA support holds.Meanwhile, on July 21 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the DOT price will rise to level 2.0 Fibonacci extensions or level $18.04.

DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The crypto is below the 50% range of the daily stochastic. It indicates that the altcoin is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The altcoin has a bullish crossover as the 21-day SMA crosses over the 50-day SMA. This indicates a buy signal.

General Outlook for Polkadot (DOT)
DOT/USD is still trading in the bearish trend zone. Presently, crypto has resumed an upward move. The upward move is facing rejection at the 50-day SMA. If price breaks above the 50-day SMA, the crypto will be in the bullish trend zone.

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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.