Polkadot Fluctuates After Testing the Resistance at $7.50

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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot (DOT) is trading above the moving average lines after testing the resistance at $7.50. The upward move is facing resistance at $6.83 high. Today’s price movement might run with similar resistance. The initial resistance at $6.83 might be removed, though, by a price reversal. Up to the $8.00 high, the bullish trend will remain in effect. If the price falls beneath the moving average lines, selling pressure will increase once more. For instance, the DOT price would drop back to its prior low at the $5.73 and $5.65 price levels. If the altcoin retraces and holds above the moving average line, the upward surge will also continue.

Polkadot Fluctuates After Testing the Resistance at $7.50
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
For period 14, the DOT price is at level 59 on the Relative Strength Index. The altcoin is on the upswing and still has room to rise. If the price bars are above the moving average lines, the price of the cryptocurrency may increase once more. The slope of the moving average lines indicates a decline.

Polkadot (DOT) Medium-term Trend: Bearish
The DOT price has crossed above the moving average lines on the 4-hour Chart as it encounters resistance at the recent high. At first, it was difficult for buyers to break through the $6.80 resistance. Polkadot is currently in decline as a result of rejection in the overbought area.

Polkadot Fluctuates After Testing the Resistance at $7.50
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
DOT is above the daily stochastic level of 80. As sellers start to appear, the coin has entered the overbought area of the market. The selling pressure has produced a bearish fatigue. The moving average lines which are sloping upward implies an uptrend, which is consistent with the previous pattern.

General Outlook for Polkadot (DOT)
Polkadot is in a modest retracement after testing the resistance at $7.50. The coin is veering off to the side below the $6.85 barrier region. Since October 25, buyers have been desperately attempting to surpass the most recent high. Any upward movements of the cryptocurrency are being resisted since it is overbought.


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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.