Polkadot Hovers Above $11 as It Targets the $14 High

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price is in a downward correction as it targets the $14 high. The bulls have broken above the initial resistance at $10 but the price is moving marginally to the upside. The altcoin has recovered from the current downtrend as price breaks above the initial resistance.DOT price is expected to rally to $14 high if the current bullish momentum is sustained. Nevertheless, if the DOT price turns from the recent high and breaks below the $10 price level, the altcoin will be compelled to range-bound move between $7.18 and $10.00 price levels. In the meantime, Polkadot is rising to the upside.

Polkadot Hovers Above the $11 as It Targets the $14 High
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
DOT is in an uptrend as it rises to level 37 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone but approaches the bullish trend zone. The crypto’s price bars are below the moving averages which makes the altcoin prone to fall.

Polkadot (DOT) Medium-term Trend: Bullish
DOT/USD is in an uptrend as the price breaks above the moving averages. The uptrend is facing rejection in the overbought region. Meanwhile, on May 12 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that DOT price will rise to level 2.0 Fibonacci extension or level $11.65.

Polkadot Hovers Above the $11 as It Targets the $14 High
DOT/USD – 4 hour Chart

2-hour chart Chart Indicators Reading
The 21-day line SMA and 50-day line SMA are sloping upward indicating the uptrend. DOT’s price is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region. Also, it implies that the current uptrend may face rejection in the overbought region.


General Outlook for Polkadot (DOT)
DOT/USD has resumed bullish momentum as it targets the $14 high. The current uptrend is hovering above the $11 support.


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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.