Polkadot Is Stuck at $18 as Altcoin Reaches the Overbought Region

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 reaches the overbought region. The altcoin is making an upward correction as the market reaches the high of $18.28. Buyers have an uphill task as they face the resistance at $19. The bulls have to break above the moving averages to resume an uptrend. However, if the bulls fail to break the recent high, the market will decline to the previous low at $17. A break below the $17 support will propel the altcoin to decline to the $14 low. Today, Polkadot is trading and approaching the resistance at $19.

Polkadot Is Stuck at $18 as Altcoin Reaches the Overbought Region
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto has fallen to level 42 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and capable of falling to the downside. The crypto’s price is below the moving averages which indicates a possible decline of the altcoin. The crypto is above the 80% range of the daily stochastic. Polkadot has reached the overbought region of the market.

Polkadot (DOT) Medium-term Trend: Bearish
Polkadot is in a downward move as price reaches the $17 support. The altcoin is correcting upward as price breaks above the 21-day line moving average. Meanwhile, on April 11 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOT will fall to level 1.618 Fibonacci extension or $15.12.

Polkadot Is Stuck at $18 as Altcoin Reaches the Overbought Region
DOT/USD – 4 hour Chart

4-hour Chart Indicators Reading
DOT price is above the 80% range of the daily stochastic. The market has reached the overbought region. The 50-day line SMA and the 21-day line SMA are sloping downward indicating the downtrend.

General Outlook for Polkadot (DOT)
Polkadot is still in a downward correction as altcoin reaches the overbought region. The downward correction will resume if price faces rejection at the recent high. Nonetheless, the uptrend will resume if price breaks above the moving averages.

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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.