Polkadot (DOT) is rising above the $10.00 resistance level against the US dollar. The price may continue its upward trend towards the $12.00 level in the near term.
- DOT is on pace to break above the $9.80 and $10.00 levels against the US dollar.
- The price is trading above the $10.00 area and the 100 simple moving average (4-hours).
- On the 4-hours chart of the DOT/USD pair, there is a major bullish trendline forming around support at $9.10 (data source from Kraken).
- The pair may continue to rise towards the $12 resistance zone.
Polkadot price resumes rally
After forming a base above the $8.00 level, DOT price began a new bounce. It rose more than 20% in a matter of days, sometimes even surpassing Ethereum and Bitcoin.
There was a clear move above the $9.50 and $10.00 resistance levels. The price traded at a new multi-month high of $11.00 and is currently consolidating gains. There was a slight decline below the $10.75 level. The price is still above the 23.6% Fib retracement level of the upward move from the $8.26 swing low to the $11.00 high.
DOT is currently trading well above the $10.00 area and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support at $9.10 on the 4-hours chart of the DOT/USD pair. The trend line is close to the 61.8% Fib retracement level rising from the $8.26 swing low to the $11.00 high.
Source: DOTUSD on TradingView.com
Immediate resistance is near the $10.75 level. The next major resistance is near $11.00. A successful break above $11.00 could start another strong rally. If stated, the price could easily rise to $12.00 in the short term. The next major resistance is seen near the $13.50 area.
Are dips supported in DOT?
If DOT price fails to start a new rally above $11.00, a downward correction could begin. The first major support is near the $10.35 level.
The next major support is near the $10.00 level, below which the price may fall towards $9.50. Any more losses could open the door for a move towards the $9.20 support or trendline.
technical indicators
4-Hour MACD – The MACD for DOT/USD is now gaining momentum in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level.
Key support levels – $10.35, $10.00 and $9.50.
Key resistance levels – $10.75, $11.00, $12.00.
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