Polkadot (DOT) is gaining tempo above the $10.00 resistance in opposition to the US Dollar. The worth may lengthen its rally towards the $12.00 stage within the close to time period.
- DOT is gaining tempo above the $9.80 and $10.00 ranges in opposition to the US Dollar.
- The worth is buying and selling above the $10.00 zone and the 100 easy shifting common (4 hours).
- There is a key bullish development line forming with assist at $9.10 on the 4-hour chart of the DOT/USD pair (information supply from Kraken).
- The pair may proceed to rise towards the $12 resistance zone.
Polkadot Price Resumes Rally
After forming a base above the $8.00 stage, DOT worth began a recent rally. It gained over 20% in just a few days and even outperformed Ethereum and Bitcoin at instances.
There was a transparent transfer above the $9.50 and $10.00 resistance ranges. The worth traded to a brand new multi-month excessive at $11.00 and is at present consolidating positive factors. There was a minor pullback beneath the $10.75 stage. The worth remains to be above the 23.6% Fib retracement stage of the upward transfer from the $8.26 swing low to the $11.00 excessive.
DOT is now buying and selling nicely above the $10.00 zone and the 100 easy shifting common (4 hours). There can also be a key bullish development line forming with assist at $9.10 on the 4-hour chart of the DOT/USD pair. The development line is near the 61.8% Fib retracement stage of the upward transfer from the $8.26 swing low to the $11.00 excessive.
Source: DOTUSD on TradingView.com
Immediate resistance is close to the $10.75 stage. The subsequent main resistance is close to $11.00. A profitable break above $11.00 may begin one other sturdy rally. In the said case, the worth may simply rally towards $12.00 within the close to time period. The subsequent main resistance is seen close to the $13.50 zone.
Are Dips Supported in DOT?
If DOT worth fails to begin a recent improve above $11.00, it may begin a draw back correction. The first key assist is close to the $10.35 stage.
The subsequent main assist is close to the $10.00 stage, beneath which the worth may decline to $9.50. Any extra losses could maybe open the doorways for a transfer towards the $9.20 assist zone or the development line.
Technical Indicators
4-Hours MACD – The MACD for DOT/USD is now gaining momentum within the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 stage.
Major Support Levels – $10.35, $10.00 and $9.50.
Major Resistance Levels – $10.75, $11.00, and $12.00.
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