Polkadot Holds Above $18 Support, Poises to Revisit the $19 High


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

Polkadot (DOT) Price Long-term Trend: Bullish
Today, Polkadot’s (DOT) price has broken above the moving averages as it poises to revisit the $19 high . Buyers failed to keep the price above the moving averages as sellers sold at each rally. Today, DOT price is falling and may fall below the moving averages. However, if the cryptocurrency holds above the moving averages, there is a tendency for the altcoin to retest the $19 resistance. A break above the recent high will push the crypto to the highs of $22 and $27 price levels. Conversely, if the bears break below the moving averages, the downward correction will resume as the altcoin revisits the previous low at $16.

Polkadot Holds $18 Support, Poises to Revisit the $19 High
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto is at level 51 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. However, the altcoin risks further decline if price breaks below the downward correction. The crypto’s price bars are above the moving averages for a possible upward

Polkadot (DOT) Medium-term Trend: Bearish
On the 4- hour chart, Polkadot is in an uptrend. The altcoin is retracing after a recent rejection. Meanwhile, on March 17 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that DOT will rise to level 1.618 Fibonacci extension or level $20.69.

Polkadot Holds $18 Support, Poises to Revisit the $19 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 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Polkadot (DOT)
DOT/USD is still struggling to remain above the moving averages as it poises to revisit the $19 high. The current retracement has reached the oversold region. Buyers are likely to push the altcoin upward.

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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.