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Polkadot (DOT) is gaining tempo above the $10.00 resistance in opposition to the US Greenback. 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 Greenback.
- The worth is buying and selling above the $10.00 zone and the 100 easy shifting common (4 hours).
- There’s a key bullish pattern line forming with help 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 Worth Resumes Rally
After forming a base above the $8.00 stage, DOT worth began a recent 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 presently consolidating positive aspects. There was a minor pullback under the $10.75 stage. The worth continues 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 properly above the $10.00 zone and the 100 easy shifting common (4 hours). There may be additionally a key bullish pattern line forming with help at $9.10 on the 4-hour chart of the DOT/USD pair. The pattern line is near the 61.8% Fib retracement stage of the upward transfer from the $8.26 swing low to the $11.00 excessive.
Supply: DOTUSD on TradingView.com
Quick 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 robust rally. Within the acknowledged case, the worth 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 recent improve above $11.00, it may begin a draw back correction. The primary key help is close to the $10.35 stage.
The subsequent main help is close to the $10.00 stage, under which the worth would possibly decline to $9.50. Any extra losses could maybe open the doorways for a transfer towards the $9.20 help zone or the pattern line.
Technical Indicators
4-Hours MACD – The MACD for DOT/USD is now gaining momentum within the bullish zone.
4-Hours RSI (Relative Energy Index) – The RSI for DOT/USD is now above the 50 stage.
Main Help Ranges – $10.35, $10.00 and $9.50.
Main Resistance Ranges – $10.75, $11.00, and $12.00.
Disclaimer: The article is supplied for instructional 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 might be suggested to conduct your personal analysis earlier than making any funding selections. Use info supplied on this web site solely at your personal danger.
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