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Polkadot (DOT) is gaining tempo above the $6.80 resistance towards the US Dollar. The worth might achieve bullish momentum if it clears the $7.28 resistance.

• DOT is buying and selling in a constructive zone from the $6.00 assist towards the US Dollar.
• The worth is buying and selling close to the $7.00 zone and the 100 easy shifting common (4 hours).
• There was a break above a key bearish development line with resistance close to $6.50 on the 4-hour chart of the DOT/USD pair (information supply from Kraken).
• The pair might proceed to rise until the bears are in a position to defend the $7.28 resistance zone.

Polkadot Price Restarts Increase

After a gradual decline, DOT worth discovered assist close to the $6.00 zone. A low was fashioned at $5.97 and Polkadot just lately began a recent enhance. The worth was in a position to clear the $6.20 and $6.50 resistance ranges to maneuver right into a constructive zone, like Bitcoin and Ethereum.

There was a break above a key bearish development line with resistance close to $6.50 on the 4-hour chart of the DOT/USD pair. The pair even surpassed the 23.6% Fib retracement degree of the downward transfer from the $8.58 swing excessive to the $5.97 low.

DOT is now buying and selling close to the $7.00 zone and the 100 easy shifting common (4 hours). Immediate resistance is close to the $7.20 degree. The subsequent main resistance is close to $7.28 or the 50% Fib retracement degree of the downward transfer from the $8.58 swing excessive to the $5.97 low.

Source: DOTUSD on TradingView.com

A profitable break above $7.28 might begin one other sturdy rally. In the acknowledged case, the worth might simply rally towards $8.00 within the close to time period. The subsequent main resistance is seen close to the $8.50 zone.

Are Dips Supported in DOT?

If DOT worth fails to begin a recent enhance above $7.28, it might begin a recent decline. The first key assist is close to the $6.60 degree.

The subsequent main assist is close to the $6.00 degree, beneath which the worth would possibly decline to $5.65. Any extra losses might maybe open the doorways for a transfer towards the $5.32 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 – $6.60, $6.00 and $5.65.

Major Resistance Levels – $7.28, $8.00, and $8.50.

Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your individual analysis earlier than making any funding selections. Use data offered on this web site completely at your individual threat.