Polkadot Pushes on the Upside as It Targets the $8.00 High

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Key Resistance Levels: $10, $12, $14
Key Support Levels: $18, $6,$4

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot (DOT) price is currently trading in an overbought area of the market as it targets the $8.00 high. The altcoin reached an overbought region, breaking the initial resistance. While keeping the altcoin above the $6.00 resistance today, buyers were unable to maintain the bullish momentum. Polkadot has the potential to rise as high as its previous high of $7.50, but it is currently trading in an overbought area. Presently, Polkadot is being rejected as the price breaches the $6.00 resistance level. If sellers show up in the overbought area, the cryptocurrency asset will fall. Also, if they break below the $5.00 support or the moving average lines, the altcoin will resume a downtrend. Polkadot is currently trading at $6.19 as of the writing of this sentence.

Polkadot Pushes on the Upside as It Targets the $8.00 High
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
For period 14, Polkadot is in a bullish momentum at level 66 of the Relative Strength Index. The overbought area of the market is where the altcoin has returned. The moving average lines are above the price bars, causing the coin to rise. It is above level 40 of the daily Stochastic. The resistance at $6.00 has been broken by the bullish momentum.


Polkadot (DOT) Medium-term Trend: Bullish
The altcoin is trading in the bullish trend zone on the 4-hour chart as it targets the $8.00 high. The resistance at $6.00 has been tested and broken three times by the price of the cryptocurrency. The market will consistently fall below the 21-day line moving average lines. The DOT price has increased today after breaking through the moving average lines.

Polkadot Pushes on the Upside as It Targets the $8.00 High
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
Over the daily Stochastic level of 30, DOT is in a bullish momentum.The fact that the price bars are located between the moving average lines suggests that the altcoin will be forced to move in a range. If the moving average lines are broken, Polkadot will trend again.

General Outlook for Polkadot (DOT)
DOT/USD has resumed its bullish trend as price breaks through the $6.00 resistance. Following its breach of the $6.00 resistance level, the altcoin is now in decline. Polkadot is trading in an overbought area of the market. It’s unlikely that the altcoin will continue to rise.


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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.