Polkadot Surges Ahead as It Attempts to Breach the $5.00 Barrier
Login

Polkadot Surges Ahead as It Attempts to Breach the $5.00 Barrier

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Key Resistance Levels: $10, $12, $14
Key Support Levels: $18, $6,$4

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) is currently correcting upward as it attempts to breach the $5.00 barrier. At $5.00, the cryptocurrency asset has risen to an overbought level. If buyers breach the $5.00 high, bullish momentum may be halted at the $5.20 high. This is because the DOT price has been rejected at its current high since December 14. The crypto’s price has broken the 21-day line SMA, despite not yet crossing the 50-day line SMA. The altcoin will eventually reach its previous high of $7.00 if it overcomes the $5.00 resistance or the 50-day SMA. The $5.00 resistance area is currently rejecting the altcoin. Polkadot will be forced into a range-bound movement if it declines and encounters support above the 21-day SMA. If the bears break below the 21-day line SMA, the downtrend will resume. The exchange rate between DOT and USD will drop to its previous low of $4.25.

Polkadot surges ahead as it attempts to breach the $5.00 barrier
DOT/USD – Daily Chart

Daily Chart Indicators Reading:
The DOT price is at level 59 of the Relative Strength Index for period 14. The RSI has risen as the altcoin keeps correcting upward. Price bars are positioned halfway between the moving average lines but getting close to the 50-day SMA. The altcoin will rise if it breaks above the SMA of the 50-day moving average. If the 50-day line SMA is rejected, the altcoin will resume its range-bound movement.

Polkadot (DOT) Medium-term Trend: Bearish
On the 4-hour chart, the DOT price is trading above the moving average lines. Given that the altcoin has reached the overbought area of the market, further upward movement is unlikely. The altcoin is currently declining as a result of rejection at the most recent high.

Polkadot surges ahead as it attempts to breach the $5.00 barrier
DOT/USD – 4 hour Chart

4-hour chart Chart Indicators Reading
DOT is above level 80 of the daily Stochastic level. The market has reached the overbought area. The selling pressure may return if sellers enter the overbought portion of the market. The moving average lines with an upward slope show an increasing movement.

General Outlook for Polkadot (DOT)
DOT/USD is being rejected as it attempts to breach the $5.00 barrier. Sellers are surfacing in overbought areas to drive prices lower. If the recent high is rejected, the cryptocurrency may be forced to move in a range.

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
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • 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
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News