DOT Price (Polkadot) Pumps 15% As Bulls Aim For Surge To $10
Polkadot (DOT) is gaining pace above the $7.50 resistance against the US Dollar.
The price is up nearly 15% and might rise further toward $10.00.
DOT is showing heavy bullish signs from the $6.65 support against the US Dollar.
The price is trading above the $8.00 zone and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $7.80 on the 4-hour chart of the DOT/USD pair (data source from Kraken).
The pair could continue to rally unless the bears are able to defend the $8.88 resistance zone.
Polkadot Price Restarts Rally After a steady decline, DOT price found support near the $6.65 zone.
A low was formed at $6.64 and Polkadot recently started a fresh increase.
The price was able to clear the $6.85 and $7.00 resistance levels to move into a positive zone, like Bitcoin and Ethereum.
There was a break above a key bearish trend line with resistance near $7.80 on the 4-hour chart of the DOT/USD pair.
The pair even surpassed the 50% Fib retracement level of the downward move from the $9.58 swing high to the $6.64 low.
DOT is now trading above the $8.00 zone and the 100 simple moving average (4 hours).
Immediate resistance is near the $8.45 level.
The next major resistance is near $8.88 or the 76.4% Fib retracement level of the downward move from the $9.58 swing high to the $6.64 low.
Source: DOTUSD on TradingView.com A successful break above $8.88 could start another strong rally.
In the stated case, the price could easily rally toward $9.50 in the near term.
The next major resistance is seen near the $10.00 zone.
Are Dips Supported in DOT? If DOT price fails to start a fresh increase above $8.45, it could start a fresh decline.
The first key support is near the $7.80 level and the same trend line.
The next major support is near the $7.50 level, below which the price might decline to $7.00.
Any more losses may perhaps open the doors for a move toward the $6.65 support zone.
Technical Indicators 4-Hours MACD – The MACD for DOT/USD is now 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 – $7.80, $7.500 and $7.00.
Major Resistance Levels – $8.45, $8.88, and $9.50….