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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Charted: Polkadot (DOT) Steadies Above $35, Why Bulls Aim $40 or Higher

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Polkadot (DOT)

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Polkadot’s DOT corrected lower from $42.00, but it remained stable above $30.00 against the US Dollar. It is now rising and it seems like the bulls are eyeing a fresh increase to $40.00 and $42.00.

  • DOT is holding the ground above the $30.00 and $35.00 levels against the US dollar.
  • The price is trading nicely above the $35.00 support and the 100 simple moving average (4-hours).
  • There was a break above a crucial bearish trend line with resistance near $34.50 on the 4-hours chart of the DOT/USD pair (data source from Kraken).
  • The pair remains in a strong uptrend and it could soon revisit $40.00 and $42.00.

Polkadot’s DOT Eyes Fresh Rally

After finding strong offers near $42.00, DOT started a downside correction. There was a break below the $35.00 and $32.00 support levels. The price even spiked below the $30.00 support level, but the bulls remained in action.

A swing low was formed near $26.25 before the price started a fresh increase. The price climbed above the $30.00 and $32.00 resistance levels. There was a break above the 50% Fib retracement level of the downward move from the $42.20 swing high to $26.25 swing low.

Polkadot (DOT)

Source: DOTUSD on TradingView.com

There was also a break above a crucial bearish trend line with resistance near $34.50 on the 4-hours chart of the DOT/USD pair. It is now trading nicely above the $35.00 support and the 100 simple moving average (4-hours).

An immediate resistance is near the $38.50 level. It is close to the 76.4% Fib retracement level of the downward move from the $42.20 swing high to $26.25 swing low. A clear break above the $38.50 and $38.80 resistance levels could lead the price towards the $40.00 level. The next key resistance sits near the $42.00 level.

Dips Supported?

If DOT price fails to continue higher above $38.50 or $39.00, there could be a short-term downside correction. The first key support is near the $36.00 and $35.00 levels.

The next major support is near the $33.50 level and the 100 simple moving average (4-hours). Any more losses may perhaps open the doors for a move towards the $30.00 support zone.

Technical Indicators

4-Hours MACD – The MACD for DOT/USD is 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 – $36.00, $35.00 and $33.50.

Major Resistance Levels – $38.50, $40.00 and $42.00.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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