Polkadot Retraces Above $8.22 Support as Bulls Target $11 High


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

DOT/USD Long-term Trend: Bullish
Polkadot’s (DOT) price is trading in the bullish trend zone as bulls target $11 high. It is fluctuating below the recent high but has retraced to the low of $8.22. The upward move is doubtful because the market has reached the overbought region. On the downside, Polkadot will decline to the low of $6.01if it faces rejection at the recent high.

Polkadot Retraces Above $8.22 Support as Bulls Target $11 High
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
Polkadot is at level 6o of the Relative Strength Index for period 14. It indicates that the altcoin is in the bullish trend zone and may further rise. DOT’s price is above the 21-day line SMA and the 50-day line SMA indicating a further upward movement of the cryptocurrency. The 21-day line SMA and 50-day line SMA are making U-turns.

DOT/USD Medium-term bias: Bullish
On the 4– hour chart, the DOT price is in an uptrend. The altcoin is facing rejection at the recent high. The uptrend will resume as price finds support above the 21-day line SMA.

Polkadot Retraces Above $8.22 Support as Bulls Target $11 High
DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above the 40% range of the daily stochastic. It indicates that the coin is in a bullish momentum. The 21-day line and 50-day line moving averages are sloping upward indicating the uptrend.

General Outlook for Polkadot
Polkadot retracing as bulls target $11 high. The uptrend will resume if the altcoin finds support above the moving average lines. The coin will rise as long as the price bars are above the moving average lines.

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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.