Polkadot (DOT) is gaining tempo above the $4.50 resistance towards the US Dollar. The worth may surge towards $5.5 if it clears the $4.80 resistance.
- DOT is slowly transferring greater above the $4.50 resistance zone towards the US Dollar.
- The worth is buying and selling above the $4.60 zone and the 100 easy transferring common (4 hours).
- There is a key bullish development line forming with help close to $4.50 on the 4-hour chart of the DOT/USD pair (information supply from Kraken).
- The pair may acquire bullish momentum if there’s a shut above $4.80 and $4.85.
Polkadot Price Regains Strength
After forming a base above the $4.00 deal with, DOT worth began a good enhance. The worth was in a position to clear the important thing barrier at $4.20 to enter a optimistic zone, like Bitcoin and Ethereum.
Polkadot cleared the $4.50 resistance zone and the 100 easy transferring common (4 hours). It traded to a brand new multi-week excessive at $4.803 and is now consolidating positive factors. It is properly above the 23.6% Fib retracement stage of the upward transfer from the $4.046 swing low to the $4.803 excessive.
DOT worth is now buying and selling above the $4.60 zone and the 100 easy transferring common (4 hours). There can also be a key bullish development line forming with help close to $4.50 on the 4-hour chart of the DOT/USD pair. The development line is shut to the 50% Fib retracement stage of the upward transfer from the $4.046 swing low to the $4.803 excessive.
Source: DOTUSD on TradingView.com
Immediate resistance is close to the $4.80 stage. The subsequent main resistance is close to $4.85. A profitable break above $4.85 may begin one other robust rally. In the acknowledged case, the value may simply rally towards $5.20 within the coming days. The subsequent main resistance is seen close to the $5.50 zone.
Are Dips Supported in DOT?
If DOT worth fails to proceed greater above $4.80 or $4.85, it may begin a draw back correction. The first key help is close to the $4.62 stage.
The subsequent main help is close to the $4.50 stage and the development line, under which the value would possibly decline to $4.35. Any extra losses might maybe open the doorways for a transfer towards the $4.20 help zone.
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 – $4.62, $4.50 and $4.20.
Major Resistance Levels – $4.80, $4.85, and $5.50.
