Polkadot (DOT) Resumes Upward After a Minor Retracement From $46 High
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Polkadot (DOT) Long-Term Analysis: Bullish
Presently, the altcoin is retracing from the recent high. Before now, DOT price was in an uptrend when it reached a high of $45.86. The altcoin was resisted because the market has reached the overbought region. DOT price has fallen and found support above $38 low. This current support is the previous resistance level in February when the uptrend was repelled
Polkadot (DOT) Indicator Analysis
The crypto is at level 54 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone and above the centerline 50. The crypto’s price is above the moving averages which indicates that the upward move is likely.
Technical indicators:
Major Resistance Levels – $48, $52, $56
Major Support Levels – $32, $28, $24
What Is the Next Direction for Polkadot (DOT)?
Polkadot is likely to resume upward as price retraces and found support above $38. On the downtrend of April 6, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement implies that DOT will fall to level 1.618 Fibonacci extensions or the low of $38.78. DOT price is fluctuating above the 1.618 Fibonacci extension.
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