Polkadot (DOT) is gaining tempo above the $10.00 resistance towards the US Greenback. The value might prolong its rally towards the $12.00 stage within the close to time period.
- DOT is gaining tempo above the $9.80 and $10.00 ranges towards the US Greenback.
- The value is buying and selling above the $10.00 zone and the 100 easy transferring common (4 hours).
- There’s a key bullish pattern line forming with help at $9.10 on the 4-hour chart of the DOT/USD pair (information supply from Kraken).
- The pair might proceed to rise towards the $12 resistance zone.
Polkadot Worth Resumes Rally
After forming a base above the $8.00 stage, DOT value began a recent rally. It gained over 20% in a number of days and even outperformed Ethereum and Bitcoin at occasions.
There was a transparent transfer above the $9.50 and $10.00 resistance ranges. The value traded to a brand new multi-month excessive at $11.00 and is at present consolidating good points. There was a minor pullback beneath the $10.75 stage. The value continues to be above the 23.6% Fib retracement stage of the upward transfer from the $8.26 swing low to the $11.00 excessive.
DOT is now buying and selling effectively above the $10.00 zone and the 100 easy transferring common (4 hours). There’s additionally a key bullish pattern line forming with help at $9.10 on the 4-hour chart of the DOT/USD pair. The pattern line is near the 61.8% Fib retracement stage of the upward transfer from the $8.26 swing low to the $11.00 excessive.
Supply: DOTUSD on TradingView.com
Instant resistance is close to the $10.75 stage. The subsequent main resistance is close to $11.00. A profitable break above $11.00 might begin one other robust rally. Within the said case, the worth 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 value fails to start out a recent enhance above $11.00, it might begin a draw back correction. The primary key help is close to the $10.35 stage.
The subsequent main help is close to the $10.00 stage, beneath which the worth may decline to $9.50. Any extra losses might maybe open the doorways for a transfer towards the $9.20 help zone or the pattern line.
Technical Indicators
4-Hours MACD – The MACD for DOT/USD is now gaining momentum within the bullish zone.
4-Hours RSI (Relative Power Index) – The RSI for DOT/USD is now above the 50 stage.
Main Assist Ranges – $10.35, $10.00 and $9.50.
Main Resistance Ranges – $10.75, $11.00, and $12.00.
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