Polkadot Rallies to $21 High as Bulls Eye the Resistance at $23

Updated:

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

Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot’s (DOT) price is in an upward move as bulls eye the resistance at $23. Presently, the bulls have broken above the $19 and $20 resistance levels. The altcoin is fluctuating at the recent high for a possible upward move to retest or break the resistance at $23. Polkadot will further rise to the upside if the resistance at $23 is breached. A break above the $23 high will propel the altcoin to the high of $27. Conversely, if buyers fail to break the recent high, DOT/USD will decline above the moving averages. In other words, the altcoin will be compelled to a range-bound move between $18.50 and $23 price levels.

Polkadot Rallies to $21 High as Bulls Eye the Resistance at $23
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 63 of the Relative Strength Index for period 14. The coin is in the bullish trend zone and above the centerline 50. Further upward move is likely. The crypto’s price is above the moving averages which ensure further upward move.

Polkadot (DOT) Medium-term Trend: Bullish
On the 4- hour chart, Polkadot is in an upward move as the market reaches the uptrend zone. Meanwhile, on March 24 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 $22.16.

Polkadot Rallies to $21 High as Bulls Eye the Resistance at $23
DOT/USD – 4 hour Chart

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

General Outlook for Polkadot (DOT)
DOT/USD is now in an uptrend zone as bulls eye the resistance at $23. The altcoin has the opportunity of further upward move above the moving averages. The current uptrend is ongoing if the bulls sustain the bullish momentum 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.