Polkadot Surges Ahead but Is Stuck at the $4.10 Resistance Zone
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Polkadot (DOT) Long-Term Analysis: Bearish
The price of Polkadot (DOT) has resumed upward momentum after breaking above the moving average lines but is stuck at the $4.10 resistance zone. The cryptocurrency has recaptured the important support level of $3.80, retested it, and resumed its upward trend. Polkadot is now trading at $4.02 at the time of writing.
The current advance will most likely encounter resistance at the $4.30 high. If the altcoin passes the resistance of $4.30, it will rise to a high of $4.80. During the price movement, the altcoin is currently stalled at the 50-day SMA. DOT/USD will start trending again if it successfully breaks through the moving average lines.
The coin will be compelled to travel within a range if it becomes stuck between the moving average lines.
Technical indicators:
Major Resistance Levels – $10, $12, $14
Major Support Levels – $8, $6, $4
Polkadot (DOT) Indicator Analysis
Polkadot is trending upward as the price breaks above the moving average lines. Price bars are located between the moving average lines. The inference is that the altcoin will continue to drift sideways between the moving average lines for a few days. When either the 21-day SMA or the 50-day SMA is breached, the altcoin will trend.
What Is the Next Direction for Polkadot (DOT)?
Polkadot is on the rise but is stuck at the $4.10 resistance zone. The cryptocurrency’s price is expected to begin a run of higher highs and higher lows. A retraced candle body tested the 50% Fibonacci retracement level during the October 21 rise. The retracement suggests that DOT will increase to the level 2.0 Fibonacci extension, or $4.35. According to the price movement, the altcoin is stuck at the $4.10 resistance zone.
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