The worth of Polkadot (DOT) exhibits power after bouncing from key assist on the weekly chart towards Tether (USDT).
After Bitcoin (BTC) bounced from its month-to-month low of $19,000, this signaled a aid for different crypto altcoins together with the worth of Polkadot. (Data feeds from Binance)
Price Analysis Of Polkadot On The Weekly (1W) Chart
From the chart, the worth of DOT noticed a weekly low of round $6.50, the place it has shaped assist.
The worth has constructed extra momentum because it faces resistance at $10.
A break above the $10 mark, the worth of DOT would rally to $12.
If the worth of DOT on the weekly chart fails to interrupt the $10 mark, then a retest is certain at $8.62.
The weekly relative power index for DOT worth is 36, indicating extra purchase bids after bottoming out on the weekly low.
The quantity exhibits respectable purchase bids, which can push the worth of DOT increased.
Weekly resistance for DOT worth – $10.
Weekly assist for DOT worth – $6.50.
Price Analysis Of Polkadot On The Daily (1D) Chart
The worth of DOT discovered sturdy assist at round $6.50, with what appears to be the underside on the each day chart.
DOT has continued to rally above this assist area of $6.50 to a excessive of $9, the place it has confronted resistance.
DOT’s worth is at $8.40 on the level of writing; it’s buying and selling above the 50 & 200 exponential shifting averages (EMA)
The 50 & 200 EMA with costs of $8.20 and $8 would act as assist respectively for DOT worth in case it drops on account of weekend sell-offs.
If the 50 & 200 EMA area fails to carry the worth, $7.92 could be assist to carry sell-offs and a potential bounce of DOT worth.
With extra purchase bids, we may see the worth of DOT retesting at $9.18, which has been resistance on the each day chart.
RSI for DOT worth on the each day chart is above 60, indicating wholesome purchase bids for DOT.
Volume on the each day timeframe signifies constructive indicators for DOT costs to development increased.
Daily (1D) resistance for DOT worth – $9.18, $10.
Daily (1D) assist for DOT worth – $7.92, $7.55, $7.20.
Price Analysis Of Polkadot On The Four Hourly (4H) Chart
DOT has proven nice power on the 4H chart after bouncing off from its assist.
After rejection within the worth of DOT at $9.10, the worth dropped to the 50 EMA mark at $7.95 which has shaped good assist in case of a sell-off in DOT worth.
DOT is buying and selling at $8.47 above the 50 & 200 EMA on the 4H chart, haven rallied from a low of $6.50.
The worth has shaped a trendline performing as a resistance for DOT worth, this might be invalidated provided that the worth breaks under the trendline.
Four Hourly (4H) resistance for DOT worth – $9.10, $10.
Four hourly (4h) assist for DOT worth – $7.95, $7.67
Featured picture from zipmex, Charts from TradingView.com 
