Polkadot (DOT) is gaining tempo above the $8.80 resistance in opposition to the US Greenback. The value might prolong its rally as soon as it settles above the $10 barrier.

• DOT is gaining tempo above the $8.50 and $8.80 ranges in opposition to the US Greenback.
• The value is buying and selling above the $9.00 zone and the 100 easy shifting common (Four hours).
• There’s a key bullish development line forming with assist at $9.20 on the 4-hour chart of the DOT/USD pair (knowledge supply from Kraken).
• The pair might proceed to rise until the bears are capable of defend the $10 resistance zone.

Polkadot Value Restarts Rally

After forming a base above the $7.50 degree, DOT worth began a gentle improve. It gained over 25% in a number of days and even outperformed Ethereum and Bitcoin at occasions.

There was a transparent transfer above the $8.50 and $8.80 resistance ranges. The value even traded near the $10.00 degree. A brand new multi-week excessive is fashioned close to $9.89 and the worth is now consolidating features. It’s holding features above the 23.6% Fib retracement degree of the upward transfer from the $8.57 swing low to the $9.89 excessive.

DOT is now buying and selling above the $9.00 zone and the 100 easy shifting common (Four hours). There may be additionally a key bullish development line forming with assist at $9.20 on the 4-hour chart of the DOT/USD pair. The development line is near the 50% Fib retracement degree of the upward transfer from the $8.57 swing low to the $9.89 excessive.

Supply: DOTUSD on TradingView.com

Instant resistance is close to the $9.85 degree. The subsequent main resistance is close to $10.00. A profitable break above $10.00 might begin one other robust rally. Within the said case, the worth might 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 $10.00, it might begin a draw back correction. The primary key assist is close to the $9.50 degree.

The subsequent main assist is close to the $9.20 degree, beneath which the worth would possibly decline to $8.80. Any extra losses could maybe open the doorways for a transfer towards the $8.50 assist zone.

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 degree.

Main Help Ranges – $9.50, $9.20 and $8.50.

Main Resistance Ranges – $9.85, $10.00, and $12.00.

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