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Polkadot (DOT) is gaining tempo above the $4.50 resistance in opposition to the US Dollar. The value may surge towards $5.5 if it clears the $4.80 resistance.

• DOT is slowly transferring larger above the $4.50 resistance zone in opposition to the US Dollar.
• The value is buying and selling above the $4.60 zone and the 100 easy transferring common (4 hours).
• There is a key bullish development line forming with assist close to $4.50 on the 4-hour chart of the DOT/USD pair (knowledge supply from Kraken).
• The pair may achieve bullish momentum if there’s a shut above $4.80 and $4.85.

Polkadot Price Regains Strength

After forming a base above the $4.00 deal with, DOT value began a good improve. The value was in a position to clear the important thing barrier at $4.20 to enter a constructive zone, like Bitcoin and Ethereum.

Polkadot cleared the $4.50 resistance zone and the 100 easy transferring common (4 hours). It traded to a brand new multi-week excessive at $4.803 and is now consolidating beneficial properties. It is effectively above the 23.6% Fib retracement degree of the upward transfer from the $4.046 swing low to the $4.803 excessive.

DOT value is now buying and selling above the $4.60 zone and the 100 easy transferring common (4 hours). There can be a key bullish development line forming with assist close to $4.50 on the 4-hour chart of the DOT/USD pair. The development line is shut to the 50% Fib retracement degree of the upward transfer from the $4.046 swing low to the $4.803 excessive.

Source: DOTUSD on TradingView.com

Immediate resistance is close to the $4.80 degree. The subsequent main resistance is close to $4.85. A profitable break above $4.85 may begin one other sturdy rally. In the said case, the value may simply rally towards $5.20 within the coming days. The subsequent main resistance is seen close to the $5.50 zone.

Are Dips Supported in DOT?

If DOT value fails to proceed larger above $4.80 or $4.85, it may begin a draw back correction. The first key assist is close to the $4.62 degree.

The subsequent main assist is close to the $4.50 degree and the development line, under which the value may decline to $4.35. Any extra losses might maybe open the doorways for a transfer towards the $4.20 assist zone.

Technical Indicators

4-Hours MACD – The MACD for DOT/USD is now gaining momentum within the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 degree.

Major Support Levels – $4.62, $4.50 and $4.20.

Major Resistance Levels – $4.80, $4.85, and $5.50.