Polkadot (DOT) is trending upwards above the $5.25 resistance level against the US dollar. The price may surge further to the $5.85 and $6.00 levels.
- DOT is gaining speed above the $5.25 resistance zone against the US dollar.
- The price is trading in the $5.30 area and above the 100 simple moving average (4-hours).
- There is a major bearish trendline forming with resistance near $5.55 on the 4-hours chart of the DOT/USD pair (data source from Kraken).
- The pair could gain bullish momentum if the closing price is above $5.55 and $5.60.
Polkadot price gains strength again.
After consolidating above the $5.00 support, DOT price began a significant rise. The price was able to clear the $5.20 and $5.25 resistance levels to move into positive territory like Bitcoin and Ethereum.
Polkadot cleared the 100 simple moving average (4-hours) and tested $5.60 resistance. A high was made near $5.58 and the price is now consolidating gains. This is up nearly 5% and shows signs of further gains in the coming sessions.
DOT price is currently trading in the $5.30 area and above the 100 simple moving average (4-hours). Immediate resistance is near the $5.55 level. There is also a major bearish trendline forming with resistance near $5.55 on the 4-hours chart of the DOT/USD pair.
Source: DOTUSD on TradingView.com
The next major resistance is near $5.60. A successful break above $5.60 could start another strong rally. If stated, the price could easily rise to $5.85 in the short term. The next major resistance appears near the $6.00 area.
Are dips supported in DOT?
If the DOT price fails to continue rising above $5.55 or $5.60, a downward correction could begin. The first major support is near the $5.35 level.
The next major support is near the $5.30 level or the 61.8% Fib retracement level of the upward move from the $5.11 swing low to the $5.58 high, below which the price may fall towards $5.10. Any further losses could open the door for a move towards $5.00 support.
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 – $5.30, $5.10 and $5.00.
Key resistance levels – $5.55, $5.60, $6.00.
Source: NewsBTC.com