Polkadot in a Brief Fall as It Resumes Upside Correction

DOT Key Highlights as It Resumes Upside Correction

  • Polkadot holds above $24 support as it resumes upside correction
  • The altcoin is in a downward correction between $24 and $26
  • DOT price is likely to revisit the previous high of $29.35

DOT Current Statistics

The current price:  $25.74
Market Capitalization:$28,333,424,793
Trading Volume: $1,758,771,819
Major supply zones: $48, $52, $56
Major demand zones: $32,, $28, $24

Polkadot (DOT) Long-Term Analysis: Bullish

Today, Polkadot’s (DOT) price has retraced to the low of $23.47 as it resumes upside correction. DOT price also fell above the 21-day SMA support as bulls bought the dips. The crypto is attempting to resume upward as it reaches the high of $24.88. What will propel the upward move is when the current support holds. The crypto will rise to retest the $29.35 resistance level. Conversely, if the $24 support breaks, the selling pressure will resume as the altcoin will decline to the low of $22. The bearish momentum will continue if the bears break the $22 support. In the meantime, the crypto is holding above the 21-day SMA support.

Polkadot in a Brief Fall as It Resumes Upside Correction

DOT/USD – Daily Chart

Polkadot (DOT) Indicator Analysis

The crypto’s price is above the moving averages which suggest a further rise of DOT price. DOT price is at level 57 of the Relative Strength Index period 14. The crypto’s price is in the uptrend zone and above the centerline 50. The altcoin is in a bullish momentum and above the 40% range of the daily stochastic. The 21-day and 50-day SMAs are sloping upward indicating the trend.

What Is the Direction for Polkadot (DOT) as It Resumes Upside Correction

Presently, Polkadot is in a downward move  as it resumes upside correction. The price indicator has indicated a further decline of the coin. Meanwhile, on the August 22 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOT will fall to level 2.618 Fibonacci extension or level $22.22.

Polkadot in a Brief Fall as It Resumes Upside Correction

DOT/USD – 4 Hour Chart


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


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