Polkadot Is in a Range-bound Move, Targets $19 High

Updated:

Key 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 the altcoin targets $19 high. Today, the DOT price has risen above $17 and the 21-day line moving average. The cryptocurrency is below the 50-day line moving. The implication is that Polkadot will be compelled to a range-bound move in between the moving averages. On the upside, if the Polkadot price rises and breaks the resistance at $19, a rally above the moving averages is expected. The altcoin will be out of downward correction if the bullish momentum is sustained. Conversely, if the bullish scenario is invalidated, the DOT price will resume a range-bound movement.

Polkadot Is in a Range-bound Move, Targets $19 High
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. DOT’s price bars are between the moving averages which indicate a possible price fluctuation.

Polkadot (DOT) Medium-term Trend: Bearish
Polkadot is in a downtrend but the selling pressure has subsided after
falling to the low of $16. Meanwhile, on January 22 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that DOT will fall to level 1.272 Fibonacci extension or level $11.17.

Polkadot Is in a Range-bound Move, Targets $19 High
DOT/USD – 4 hour Chart

4-hour Chart Indicators Reading
DOT price is above the 30% range of the daily stochastic. The market is in a bullish momentum but it is unstable The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Polkadot (DOT)
DOT/USD is likely to commence a range-bound move as the altcoin targets $19 high. The altcoin will trend when either the 21-day line or the 50-day line moving average is breached.

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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.