Polkadot (DOT) Breaks the Resistance at $38 but Faces Rejection at $43
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Polkadot (DOT) Long-Term Analysis: Bullish
Yesterday, Polkadot’s (DOT) price broke above the previous resistance level at $38 as the market resumed the uptrend. Since September 29, the altcoin has been rising on the upside as price broke above the moving averages. Meanwhile, on the October 11 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOT will rise to level 1.618 Fibonacci extension or $45.51. From the price action, Polkadot has risen to $41 and further upsides are likely.
Polkadot (DOT) Indicator Analysis
Presently, Polkadot is at level 68 of the Relative Strength Index period 14. This indicates that DOT price has limited room to rally on the upside. The crypto’s price is above the moving averages which suggest a further rise of the crypto. The crypto is above 80% area of the daily stochastic. The daily stochastic has indicated that the market has reached the overbought region. The altcoin may soon face rejection at the recent high.
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, Polkadot has rebounded above $35 support and rallied to $42 high.DOT price is falling after rejection at level $42. Meanwhile, on the October 13 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOT will rise but reverse at level 1.272 Fibonacci extension or $46.37.
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