Polkadot (DOT) is trending upwards above the $6.80 resistance level against the US dollar. Removing the $7.28 resistance level could give the price some bullish momentum.
- DOT is trading in positive territory with $6.00 support against the US dollar.
- The price is trading near the $7.00 area and the 100 simple moving average (4-hours).
- On the 4-hours chart of the DOT/USD pair (data source from Kraken), a breakout occurred above the main bearish trendline with resistance near $6.50.
- If the bears are unable to defend the $7.28 resistance zone, the pair may continue to rise.
Polkadot price restart increases
DOT price, which continued to decline, found support near $6.00. A low was formed at $5.97 and Polkadot recently started a new rise. The price was able to clear the $6.20 and $6.50 resistance levels to move into positive territory like Bitcoin and Ethereum.
A breakout occurred above the main bearish trendline with resistance near $6.50 on the 4-hours chart of the DOT/USD pair. The pair broke above the 23.6% Fib retracement level of the downward move from the $8.58 swing high to the $5.97 low.
DOT is currently trading near the $7.00 area and the 100 simple moving average (4-hours). Immediate resistance is near the $7.20 level. The next major resistance is the 50% Fib retracement level near $7.28 or a downside move from the $8.58 swing high to the $5.97 low.
Source: DOTUSD on TradingView.com
A successful break above $7.28 could start another strong rally. If stated, the price could easily rise to $8.00 in the short term. The next major resistance can be seen near the $8.50 area.
Are dips supported in DOT?
If DOT price fails to start a new advance above $7.28, a new decline could begin. The first major support is near the $6.60 level.
The next major support is near the $6.00 level, below which the price may fall towards $5.65. Any further losses could open the door for a move towards $5.32 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 – $6.60, $6.00 and $5.65.
Key resistance levels – $7.28, $8.00, $8.50.
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