Polkadot Retraces above $5.40 but Is Unable to Breach the $5.70 High

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


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

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) is making an upward correction but is unable to breach the $5.70 high. The cryptocurrency price broke through the 21-day line SMA but was resisted at the $5.70 high. The DOT price is presently higher than the 21-day line SMA but lower than the 50-day line SMA.  On the upside, if the $5.70 resistance level is broken, the coin will rise over the 50-day simple moving average (SMA). If the positive momentum remains above the moving average lines, the altcoin will soar to a high of $7.41. However, if the bullish scenario is disproved, the current range-bound trend may persist. The DOT price, on the other hand, may fall if the bears breach below the 21-day line SMA.

Polkadot Retraces above $5.40 but Is Unable to Breach the $5.70 High
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
For period 14, the DOT price is at level 49 on the Relative Strength Index. It means that supply and demand are in equilibrium. The price of the cryptocurrency sits between the moving average lines, indicating a likely range-bound move.

Polkadot (DOT) Medium-term Trend: Bullish
Polkadot is trading in the bullish trend zone on the 4-hour chart. The price of cryptocurrency retested the resistance twice and fell below the moving average lines. The DOT price has dropped below the 21-day moving average line. The selling pressure may continue to the 50-day simple moving average (SMA).

Polkadot Retraces above $5.40 but Is Unable to Breach the $5.70 High
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
The altcoin is falling in value, and the daily Stochastic is below 40. Bearish tiredness has resulted from the selling push. The price bars are positioned between the moving average lines, indicating a range-bound movement.

General Outlook for Polkadot (DOT)
Polkadot continues to trade between the moving average lines. The cryptocurrency is falling as it retests the 21-day simple moving average (SMA). If sellers breach below the 21-day line SMA, the DOT price will fall to $5.07. If the current support holds, the sideways movement will continue.

You can purchase crypto coins here. Buy LBLOCK


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.