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Polkadot Fails to Break $28.5 High as It Reaches Overbought Region

Polkadot (DOT) Fails to Break the $28.5 High as It Reaches Overbought Region

DOT Key Highlights

  • Polkadot battles the resistance at $28.5 high as it reaches overbought region
  • The altcoin is in a sideways move below the $28.5 resistance zone
  • DOT has a target price of $36 if the altcoin encounters a breakout

DOT Current Statistics as It Reaches Overbought Region

The current price: $28.52
Market Capitalization:$31,467,861,602
Trading Volume: $2,281,701,949
Major supply zones: $48, $52, $56
Major demand zones: $32,, $28, $24

Polkadot (DOT) Long-Term Analysis: Bullish

Polkadot’s (DOT) price is in a smooth uptrend as it reaches overbought region. DOT price has traded and reached the high of $28.5 but could not sustain the bullish momentum above it. For the past 48 hours, the DOT price has been fluctuating below the recent high. In the previous price action, the altcoin was in a downward correction for two days before breaking above the $27 high. Today, Polkadot is still trading in the overbought region as buyers continue to push on the upside. On the upside, if buyers succeed in breaking above the $28.5 resistance, the crypto will rally $36 high. Conversely, if sellers emerge in the overbought region, the current bullish scenario will be invalidated. Sellers will push the price to the next support level at $24. The uptrend will resume if the $24 support holds, otherwise, the selling pressure will continue on the downside.

Polkadot (DOT) Fails to Break the $28.5 High as It Reaches Overbought Region
DOT/USD – Daily Chart

 

Polkadot (DOT) Indicator Analysis

The market has reached level 79 of the Relative Strength Index period 14. DOT price is seriously in the overbought region. The altcoin is likely to fall. Also, the DOT price is above the 80% range of the daily stochastic. It indicates that the market is in the overbought region. The 21-day and 50-day SMAs are sloping upward indicating the trend.

What Is the Next Direction for Polkadot As It Reaches Overbought Region?

Polkadot may continue the upside momentum as it reaches overbought region. Meanwhile, on the August 17 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOT will rise to level 2.618 Fibonacci extension or level $36.02.

DOT/USD – 4 Hour Chart



Also Read :   Polkadot Price Prediction 2021 and Beyond – Is DOT a Good Investment?

Note: Crypto-academy.org 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.

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