Polkadot Fluctuates Below $23 High as Price Targets the $28 High

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 rallied to the high of $23 as price targets the $28 high. For the past week, the DOT price has been fluctuating below the $23 resistance. The bulls are finding penetration difficult at the recent high. On the upside, if the bulls break above the $23 resistance, the DOT price will resume an upward move to retest the previous high of $28. On the downside, if the bears break below the $20 support, the market will decline to the previous low at level $16. Today, the market has resumed upward as prices reached a high of $21.

Polkadot Fluctuates Below $23 High as Price Targets the $28 High
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT price has fallen to level 60 of the Relative Strength Index for period 14. The altcoin is in the uptrend zone despite the retracement. The altcoin is capable of a further upward move. Polkadot has a bullish crossover. That is the 21-day line SMA crosses above the 50-day line SMA indicating a buy order. The altcoin is above the 40% range of the daily stochastic. The market is still in a bullish momentum. The 50-day line SMA and the 21-day line SMA are sloping upward indicating the uptrend.

Polkadot (DOT) Medium-term Trend: Bullish
DOT/USD is in a downtrend as price holds above the $20 support. The altcoin has resumed upward to the previous high but price is fluctuating between the moving averages. Meanwhile, on April 1 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOT will fall but will reverse at level 1.272 Fibonacci extension or $20.01.

Polkadot Fluctuates Below $23 High as Price Targets the $28 High
DOT/USD – 4 hour Chart

4-hour Chart Indicators Reading
DOT price is above the 40% range of the daily stochastic. The market has resumed bullish momentum. The 50-day line SMA and the 21-day line SMA are sloping upward indicating the uptrend.

General Outlook for Polkadot (DOT)
DOT/USD is still in the bullish trend zone as price targets the $28 high. The cryptocurrency is rising to retest the resistance at $23. The altcoin has been fluctuating below the resistance for a possible breakout.

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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.