Polkadot Fluctuates Above $19 as Bulls and Bears Reach indecision

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot’s (DOT) price has fallen below the 21-day line moving average as bulls and bears reach indecision. The cryptocurrency now fluctuates above the 50-day line SMA but below the 21-day line SMA. The implication is that the altcoin is likely to be range-bound between the moving averages. The altcoin declined to $19.47 low as bulls bought the dips. On the downside, if the bears break below the 50-day line SMA, DOT price will decline to $18 low. Conversely, the altcoin will rise, if price breaks above the 21-day line SMA, the DOT price will rise and revisit the $23 high. In the meantime, the altcoin is consolidating above the $19 support.

Polkadot Fluctuates Above $19 as Bulls and Bears Reach indecision
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price has fallen to level 45 of the Relative Strength Index for period 14. The altcoin has declined to the downtrend zone and below the centerline 50. The crypto’s price is between the moving averages indicating a sideways movement of the cryptocurrency. The 21-day line SMA and the 50-day line SMA are sloping upward indicating an uptrend.

Polkadot (DOT) Medium-term Trend: Bullish
The cryptocurrency is in a downward move as price plunged above the $!19.77 support. Meanwhile, on April 4 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOT will fall to level 2.0 Fibonacci extension or $20.01.

Polkadot Fluctuates Above $19 as Bulls and Bears Reach indecision
DOT/USD – 4 hour Chart

4-hour Chart Indicators Reading
DOT price is below the 25% range of the daily stochastic. The market has resumed bearish momentum. The 50-day line SMA and the 21-day line SMA are sloping downward indicating the uptrend.

General Outlook for Polkadot (DOT)
Polkadot has resumed consolidation above the $19 support as bulls and bears reach indecision. The cryptocurrency is fluctuating above the current support. Buyers and sellers are undecided about the direction of the market.


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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.