Polkadot (DOT) Pushes on Upside as Bulls Gain More Grounds
Polkadot targets the high $25.23 as Bulls Gain More Grounds
The uptrend is threatened at the $20 high
Polkadot ( DOT) Current Statistics
The current price: $19.19
Trading Volume: $1,641,365,283
Major supply zones: $48, $52, $56
Major demand zones: $32,, $28, $24
Polkadot (DOT) Long-Term Analysis: Bullish
Polkadot’s (DOT) price has made consistent positive moves as Bulls Gain More Grounds. For the past week, DOT price has risen from a low of $10.50 to a high of $20. The first uptrend faced rejection at the recent high. Consequently, there was a pullback to $16 low. Buyers have recouped above the current support to resume a fresh uptrend.
On the upside, Polkadot will rally to $22 or $25 high if the $20 resistance is breached. Meanwhile, on August 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the altcoin will rise but reverse at level 1.272 Fibonacci extension. or level $22.48
Polkadot (DOT) Indicator Analysis as Bulls Gain More Grounds
Polkadot is at level 67 of the Relative Strength Index period 14. It indicates that the crypto is almost in the overbought region. DOT price has no enough room to rally on the upside. The altcoin is above price is above the 80% range of the daily stochastic. The daily stochastic also indicated the overbought condition of the coin. The 21-day and 50-day SMAs are sloping northward indicating the uptrend.
What Is the Next Direction for Polkadot (DOT)?
Polkadot is rising in the bullish trend zone as Bulls Gain More Grounds. The market is expected to further rise as price breaks the resistance at $20.On the 4-hour chart, the bulls are attempting to break the resistance at $20 twice. Meanwhile, on August 1 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the DOT price will rise to level 2.0 Fibonacci extensions or at level $25.23.