Market
DOT Price (Polkadot) Spikes 5% and Primed To Surge Toward $6
[ad_1]
Polkadot (DOT) is gaining pace above the $5.25 resistance against the US Dollar. The price could surge further toward the $5.85 and $6.00 levels.
- DOT is gaining pace above the $5.25 resistance zone against the US Dollar.
- The price is trading above the $5.30 zone and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $5.55 on the 4-hour chart of the DOT/USD pair (data source from Kraken).
- The pair could gain bullish momentum if there is a close above $5.55 and $5.60.
Polkadot Price Regains Strength
After consolidating above the $5.00 support, DOT price started a decent increase. The price was able to clear the $5.20 and $5.25 resistance levels to move into a positive zone, like Bitcoin and Ethereum.
Polkadot cleared the 100 simple moving average (4 hours) and tested the $5.60 resistance. A high is formed near $5.58 and the price is now consolidating gains. It is up nearly 5% and shows signs of more gains in the coming sessions.
DOT price is now trading above the $5.30 zone and the 100 simple moving average (4 hours). Immediate resistance is near the $5.55 level. There is also a key bearish trend line forming with resistance near $5.55 on the 4-hour chart of the DOT/USD pair.
Source: DOTUSD on TradingView.com
The next major resistance is near $5.60. A successful break above $5.60 could start another strong rally. In the stated case, the price could easily rally toward $5.85 in the near term. The next major resistance is seen near the $6.00 zone.
Are Dips Supported in DOT?
If DOT price fails to continue higher above $5.55 or $5.60, it could start a downside correction. The first key support is near the $5.35 level.
The next major support is near the $5.30 level or the 61.8% Fib retracement level of the upward move from the $5.11 swing low to the $5.58 high, below which the price might decline to $5.10. Any more losses may perhaps open the doors for a move toward the $5.00 support zone.
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 above the 50 level.
Major Support Levels – $5.30, $5.10 and $5.00.
Major Resistance Levels – $5.55, $5.60, and $6.00.
[ad_2]
Source link
