Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Polkadot’s DOT started a fresh increase from the $6.00 support against the US Dollar. It is consolidating gains and might start a fresh rally above $6.80.
- DOT is holding the ground above the $6.00 and $6.20 levels against the US dollar.
- The price is trading above the $6.30 support and the 100 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $6.20 on the 4-hours chart of the DOT/USD pair (data source from Kraken).
- The pair could start a strong rally once it clears the $6.80 and $7.00 resistance levels.
Polkadot’s DOT Eyes Fresh Surge
After forming a base above the $6.00 zone, DOT price started a fresh increase. It climbed above the $6.05 and $6.10 levels to move back into a positive zone.
The bulls were able to push the price above the $6.20 level and 100 simple moving average (4-hours). Besides, there was a break above a key bearish trend line with resistance near $6.20 on the 4-hours chart of the DOT/USD pair.
A high is formed near $6.90 and the price is now consolidating gains, similar to bitcoin and ethereum. There was a move below the $6.70 level. It declined below the 23.6% Fib retracement level of the upward move from the $6.03 swing low to $6.90 high.
Dot price is now trading above the $6.30 support and the 100 simple moving average (4-hours). An immediate resistance is near the $6.80 level. The main resistance is near the $6.95 and $7.00 levels.
Source: DOTUSD on TradingView.com
A successful break above $6.80 and a close above $7.00 could start a strong rally. In the stated case, the price could easily rally towards $7.60 or even $7.80.
Dips Limited?
If DOT price fails to continue higher above $6.80 or $6.95, there could be a downside correction. The first key support is near the $6.45 and $6.48 levels.
The next major support is near the $6.35 level or the 61.8% Fib retracement level of the upward move from the $6.03 swing low to $6.90 high. Any more losses may perhaps open the doors for a move towards the $6.00 support zone.
Technical Indicators
4-Hours MACD – The MACD for DOT/USD is now gaining momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level.
Major Support Levels – $6.45, $6.35 and $6.00.
Major Resistance Levels – $6.80, $6.95 and $7.00.
