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Polkadot (DOT) is gaining tempo above the $10.00 resistance in opposition to the US Dollar. The worth may lengthen its rally towards the $12.00 stage within the close to time period.

• DOT is gaining tempo above the $9.80 and $10.00 ranges in opposition to the US Dollar.
• The worth is buying and selling above the $10.00 zone and the 100 easy transferring common (4 hours).
• There is a key bullish development line forming with assist at $9.10 on the 4-hour chart of the DOT/USD pair (knowledge supply from Kraken).
• The pair may proceed to rise towards the $12 resistance zone.

Polkadot Price Resumes Rally

After forming a base above the $8.00 stage, DOT worth began a contemporary rally. It gained over 20% in a couple of days and even outperformed Ethereum and Bitcoin at occasions.

There was a transparent transfer above the $9.50 and $10.00 resistance ranges. The worth traded to a brand new multi-month excessive at $11.00 and is at present consolidating positive aspects. There was a minor pullback beneath the $10.75 stage. The worth remains to be above the 23.6% Fib retracement stage of the upward transfer from the $8.26 swing low to the $11.00 excessive.

DOT is now buying and selling effectively above the $10.00 zone and the 100 easy transferring common (4 hours). There can also be a key bullish development line forming with assist at $9.10 on the 4-hour chart of the DOT/USD pair. The development line is near the 61.8% Fib retracement stage of the upward transfer from the $8.26 swing low to the $11.00 excessive.

Source: DOTUSD on TradingView.com

Immediate resistance is close to the $10.75 stage. The subsequent main resistance is close to $11.00. A profitable break above $11.00 may begin one other sturdy rally. In the acknowledged case, the value may simply rally towards $12.00 within the close to time period. The subsequent main resistance is seen close to the $13.50 zone.

Are Dips Supported in DOT?

If DOT worth fails to start out a contemporary improve above $11.00, it may begin a draw back correction. The first key assist is close to the $10.35 stage.

The subsequent main assist is close to the $10.00 stage, beneath which the value would possibly decline to $9.50. Any extra losses could maybe open the doorways for a transfer towards the $9.20 assist zone or the development line.

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 stage.

Major Support Levels – $10.35, $10.00 and $9.50.

Major Resistance Levels – $10.75, $11.00, and $12.00.

Disclaimer: The article is supplied for academic functions solely. It doesn’t signify 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 choices. Use info supplied on this web site completely at your individual danger.