CryptoSignals News

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do
eiusmod tempor incididunt ut labore et dolore.

Join Our Telegram

Polkadot (DOT) Battles the $40 Resistance, Eyes the $58 High

May 5, 2021

#DOT#DOT/USD#Polkadot#Price Analysis

Polkadot (DOT) Long-Term Analysis: Bullish
Since April 25, DOT price has been in an upward move from the low of $28. The altcoin has risen above $39 but it is finding penetration difficulty at the $40 resistance zone. If buyers clear the current resistance levels, the market will rise and retest the $46 overhead resistance. Meanwhile, the Fibonacci tool has indicated an upward movement of the coin. 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 $58.06.

Polkadot (DOT) Indicator Analysis
DOT price is at level 56 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 upward indicating the previous uptrend.

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 making a series of higher highs and higher lows. The altcoin has risen to the $40 resistance zone but it is falling after two rejections. On May 5 uptrend, a retraced candle body tested the 88.6% Fibonacci retracement The retracement indicates that DOT price will rise to level 1.1129 Fibonacci extension.

DOT/USD – 4 Hour Chart

Note: 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