Polkadot (DOT) is gaining tempo above the $8.80 resistance towards the US Dollar. The worth might prolong its rally as soon as it settles above the $10 barrier.
- DOT is gaining tempo above the $8.50 and $8.80 ranges towards the US Dollar.
- The worth is buying and selling above the $9.00 zone and the 100 easy shifting common (4 hours).
- There is a key bullish development line forming with assist at $9.20 on the 4-hour chart of the DOT/USD pair (knowledge supply from Kraken).
- The pair might proceed to rise except the bears are capable of defend the $10 resistance zone.
Polkadot Price Restarts Rally
After forming a base above the $7.50 degree, DOT worth began a gentle enhance. It gained over 25% in a number of days and even outperformed Ethereum and Bitcoin at occasions.
There was a transparent transfer above the $8.50 and $8.80 resistance ranges. The worth even traded near the $10.00 degree. A brand new multi-week excessive is shaped close to $9.89 and the value is now consolidating features. It is holding features above the 23.6% Fib retracement degree of the upward transfer from the $8.57 swing low to the $9.89 excessive.
DOT is now buying and selling above the $9.00 zone and the 100 easy shifting common (4 hours). There can also be a key bullish development line forming with assist at $9.20 on the 4-hour chart of the DOT/USD pair. The development line is near the 50% Fib retracement degree of the upward transfer from the $8.57 swing low to the $9.89 excessive.
Source: DOTUSD on TradingView.com
Immediate resistance is close to the $9.85 degree. The subsequent main resistance is close to $10.00. A profitable break above $10.00 might begin one other robust rally. In the said case, the value might 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 contemporary enhance above $10.00, it might begin a draw back correction. The first key assist is close to the $9.50 degree.
The subsequent main assist is close to the $9.20 degree, beneath which the value may decline to $8.80. Any extra losses might maybe open the doorways for a transfer towards the $8.50 assist 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 degree.
Major Support Levels – $9.50, $9.20 and $8.50.
Major Resistance Levels – $9.85, $10.00, and $12.00.
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