Polkadot Rebounds as It Challenges the Resistance at $6.62

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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) is in a downtrend as it challenges the resistance at $6.62. For the past week, the altcoin has been trading above the $5.73 support before its rebound. On October 25, the DOT price rebounded as it broke above the moving average lines. However, the upward move is stuck below the 50-day line SMA. Although it is trading below the 50-day line SMA, the crypto is above the 21-day SMA. When the moving average lines are crossed, the altcoin will trend.. For instance, if the bears break below the 21-day line SMA, DOT price will revisit the previous low at $5.73 and $5.65 price levels.

Polkadot Rebounds as It Challenges the Resistance at $6.62
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The DOT price is at level 55 of Relative Strength Index level for period 14. The altcoin is in the bullish trend zone as it rallies to the previous highs. The altcoin will be compelled to a range bound move as the price bars are between the moving average lines. The moving average lines are pointing southward indicating the downtrend.

Polkadot (DOT) Medium-term Trend: Bullish
On the 4-hour Chart, the crypto’s price has broken above the moving average lines and rallied to the high of $6.62. Meanwhile, on October 25 uptrend; a retraced candle body tested the 78.6 %Fibonacci retracement level. The retracement implies that DOT will rise but reverse at level 1.272 Fibonacci extension or $6.82.

Polkadot Rebounds as It Challenges the Resistance at $6.62
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
DOT is in a bearish momentum below the 80% range of the daily stochastic. The moving average lines are sloping upward indicating the uptrend.

General Outlook for Polkadot (DOT)
Polkadot is in an upward correction as it challenges the resistance at $6.62. The uptrend is facing rejection at $6.62 high. Presently, the altcoin is fluctuating below the resistance level.

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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.