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Polkadot’s DOT is correcting higher above the $5.0 support against the US Dollar. If the price overcomes the $5.30 and $5.40 resistance levels, the price is likely to gain momentum.
- DOT is slowly rising above the $5.15 resistance area against the US Dollar.
- The price is trading above the $5.20 area and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $5.10 on the 4-hours chart of the DOT/USD pair (data source from Kraken).
- The pair is likely to gain bullish momentum if there is a close above the $5.30 resistance.
Polkadot’s Dot Price Targets Higher
After a sharp decline, DOT price found support near the $5.0 area. There is a bottom near $4.98 and the price is now attempting a fresh rise, similar to bitcoin and Ethereum.
The $5.15 and $5.20 resistance levels were broken. There is also a major bullish trend line forming with support near $5.10 on the 4-hours chart of the DOT/USD pair. The pair is now trading above the $5.20 area and the 100 simple moving average (4-hours).
An immediate resistance is near the $5.30 level. It is close to the 50% Fib retracement level of the decline from the $5.62 high to $4.98 low.
Source: DOTUSD on Tradingview.com
The next major resistance is near the $5.40 or 61.8% Fib retracement level of the downside move from the $5.62 high to $4.98 low. A successful break above $5.40 could start a strong rally. In the mentioned case, the price could easily rise up to $5.60 in the coming sessions. The next major resistance is seen near the $6.0 area.
Dips Limited?
If DOT price fails to sustain above $5.30 or $5.40, it could start a downside correction. The first major support is near the $5.15 level and the 100 simple moving average (4-hours).
The next major support is near the $5.10 level and the trend line, below which the price could decline towards $5.00. Any further losses could probably open the doors for a move towards the $4.80 support area in the coming sessions.
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 well above the 50 level.
Key Support Levels – $5.15, $5.10 and $5.00.
Key Resistance Levels – $5.30, $5.40, and $5.60.
