CryptoSignals News

Join Our Telegram

Polkadot (DOT) Is Stuck Below $42 Resistance, Upward Move Is Likely

May 12, 2021

#DOT#DOT/USD#Polkadot#Price Analysis

Polkadot (DOT) Long-Term Analysis: Bullish
Polkadot’s (DOT) price is stuck below the $42 resistance level. Since April 5, buyers are yet to break the resistance level. On May 6, the resistance was tested and the altcoin fell to the low of $32. The bulls bought the dips to resume a fresh uptrend. A rally to $60 is possible if buyers break the resistance level. On April 3 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement. This indicates that DOT price will rise to level 1.618 Fibonacci extension or the high of $58.450.

Polkadot (DOT) Indicator Analysis
DOT price is at level 54 of the Relative Strength Index period 14. It indicates that the market is in an uptrend zone above the centerline 50. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways move.

DOT/USD – Daily Chart

Technical indicators:
Major Resistance Levels – $48, $52, $56
Major Support Levels – $32, $28, $24

What Is the Next Direction for Polkadot (DOT)?
On the 4 hour chart, DOT price is in a sideways trend below the $42 resistance. DOT price is retesting the resistance level to break it. Today, the DOT price is retracing after testing the resistance level. On May 6 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement. The retracement indicates that DOT price will rise to level 1.618 Fibonacci extension or the high of $49.66.

DOT/USD – 4 Hour Chart


Note: cryptosignals.org 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

Join Our Free Telegram Group

We send 3 VIP signals a week in our free Telegram group, each signal comes with a full
technical analysis on why we are taking the trade and how to place it through your broker.

Get a taste of what the VIP group is like by joining now for FREE!

Join Our Telegram