Polkadot (DOT) Surges Ahead, Breaks Above the $32 High

2 October 2021 | Updated: 2 October 2021

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

Polkadot (DOT) Price Long-term Trend: Bullish
DOT price rebounded above $26.50 as price breaks above the moving averages. The uptrend will resume if price breaks and closes above the moving averages. The altcoin price will rise to revisit the previous highs of $34 and $38 if the current uptrend is sustained. However, if the current bullish move faces rejection at the recent high, the altcoin will fall to the range-bound zone. DOT price will fluctuate between the 21-day SMA and the 50-day SMA.

DOT/USD -Daily Chart

Daily Chart Indicators Reading:
DOT price is at level 53 of the Relative Strength Index period 14. It indicates that the market has reached an uptrend zone and is capable of rising on the upside. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

Polkadot (DOT) Medium-term Trend: Bullish
On the4 hour chart, the altcoin is making an upward move. The market is approaching the overbought region of the market. Meanwhile, on October 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOT will fall to level 1.272 Fibonacci extension.

DOT/USD -1 Hour

1-hour Chart Indicators Reading
DOTs price is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region. Sellers will emerge in the overbought region of the market. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Polkadot (DOT)
Polkadot’s (DOT) price is in an upward move. DOT price has broken above the moving averages. If the bullish momentum is sustained, the market will continue to rise.

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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.