Polkadot Is Overbought as It Challenges Resistance at $9.20
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Polkadot (DOT) Long-Term Analysis: Bullish
Polkadot’s (DOT) price is in an uptrend as it challenges resistance at $9.20. Since July 31, the uptrend has been hindered by the resistance at level $9.20. Further upward move of the coin is doubtful because the altcoin is trading in the overbought region of the market. On the upside, if the bulls break the resistance at $9, the altcoin will rise to $10.80 and $12 price levels. On the other hand, if Polkadot turns from the overhead resistance, the altcoin will decline above the moving average line. Nevertheless, if the DOT price retraces and breaks below the moving average lines, the altcoin will further decline to the low of $6.52 price level.
Polkadot (DOT) Indicator Analysis
The cryptocurrency is at level 61 of the Relative Strength Index for period 14. It indicates that the price is in the bullish trend zone and may further rise. DOT’s price is above the 21-day line SMA and 50-day line SMA which implies a further upward move. DOT price is above the 80% range of the daily stochastic. The market is in a bearish momentum.
Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4
What Is the Next Direction for Polkadot (DOT)?
Polkadot is retracing from the overhead resistance as it challenges resistance at $9.20. The market will rally to $12 if the resistance is breached. On July 31 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that DOT will rise to level 2.0 Fibonacci extension or level $1170 price level.
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