Polkadot Rebounds as It Attempts to Breach the $8 High


Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4

DOT/USD Long-term Trend: Bearish
Polkadot’s (DOT) price is in a downward correction as it attempts to breach the $8 high. The altcoin will trend when the moving lines are broken. For instance, if buyers breach the 50-day line SMA or the $8.00 resistance level, the altcoin will rally to the $9.64 price level. On the other hand, if the DOT/USD turns away from the recent high, the cryptocurrency will be compelled to a range-bound move between the moving average lines. Polkadot will further decline to the previous lows at $6.52 and $5.98 if the 21-day line SMA is breached.

Polkadot Rebounds as It Attempts to Breach the $8 High
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 55 of the Relative Strength Index for period 14. The altcoin is in an uptrend zone and it is capable of a further upward move. The crypto’s price bars are between the moving average lines which indicate a possible range-bound move of the cryptocurrency.

DOT/USD Medium-term bias: Bearish
On a weekly chart, the DOT price has fallen to the low of $6.82. In the meantime, the crypto’s price is making an upward correction. On a weekly chart, a retraced candle body tested the 61.8% Fibonacci retracement on March 28. The retracement suggests that DOT/USD will fall to level 1.618 Fibonacci extension or level $3.86.

Polkadot Rebounds as It Attempts to Breach the $8 High
DOT/USD – Weekly Chart

Weekly Chart Indicators Reading
DOT price is above the 40% range of the daily stochastic. The market is in a bullish momentum. The 21-day line and 50-day line moving averages are sloping southward indicating the downtrend.

General Outlook for Polkadot
Polkadot is in an upward correction as it attempts to breach the $8 high. The altcoin may be compelled to a range-bound move as it faces rejection at $8 high. Alternatively, DOT price will resume selling pressure to the downside.

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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.