Polkadot Struggles below $9.64 as It Challenges the Overhead Resistance

Updated:

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

DOT/USD Long-term Trend: Bullish
Polkadot’s (DOT) price has been fluctuating below the $10 high as it challenges the overhead resistance. Since August 10, the upward move has stalled after reaching the high of $9.64. Further upward moves are possible as per the price action. For the past week, the bulls have been struggling to break the resistance at $9.64 and $10. On the upside, if the 10 resistance is breached, buyers will attempt to push the altcoin to the highs of $10.79 and $11.84 price levels. Conversely, if DOT/USD turns from the $10 high, the market will decline above the moving average lines or $9.20 support.

Polkadot Struggles below $9.64 as It Challenges the Overhead Resistance
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The altcoin is at level 58 of the Relative Strength Index for period 14. It 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 but it faces rejection at the $10 resistance zone. The moving average lines are sloping upward indicating the uptrend.


DOT/USD Medium-term bias: Bearish
On the 4– hour chart, the DOT price is in an uptrend as price breaks above the moving average lines. The uptrend has stalled after reaching the high of $9.50. The crypto retraced to the low of $8.83 and resumed upward. The uptrend will resume when the $10 high is breached.

Polkadot Struggles below $9.64 as It Challenges the Overhead Resistance
DOT/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The altcoin is above the 25 % 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 is in an uptrend as it challenges the overhead resistance. The uptrend will continue as long as the price bars are above the moving average lines. However, the cryptocurrency will decline when the moving average lines are breached.


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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 results

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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.