Polkadot (DOT) is gaining tempo above the $4.50 resistance towards the US Greenback. The worth might surge towards $5.5 if it clears the $4.80 resistance.
- DOT is slowly transferring larger above the $4.50 resistance zone towards the US Greenback.
- The worth is buying and selling above the $4.60 zone and the 100 easy transferring common (4 hours).
- There’s a key bullish pattern line forming with help close to $4.50 on the 4-hour chart of the DOT/USD pair (knowledge supply from Kraken).
- The pair might achieve bullish momentum if there’s a shut above $4.80 and $4.85.
Polkadot Worth Regains Energy
After forming a base above the $4.00 deal with, DOT worth began a good improve. The worth was capable of clear the important thing barrier at $4.20 to enter a constructive zone, like Bitcoin and Ethereum.
Polkadot cleared the $4.50 resistance zone and the 100 easy transferring common (4 hours). It traded to a brand new multi-week excessive at $4.803 and is now consolidating good points. It’s effectively above the 23.6% Fib retracement degree of the upward transfer from the $4.046 swing low to the $4.803 excessive.
DOT worth is now buying and selling above the $4.60 zone and the 100 easy transferring common (4 hours). There may be additionally a key bullish pattern line forming with help close to $4.50 on the 4-hour chart of the DOT/USD pair. The pattern line is near the 50% Fib retracement degree of the upward transfer from the $4.046 swing low to the $4.803 excessive.
Supply: DOTUSD on TradingView.com
Instant resistance is close to the $4.80 degree. The following main resistance is close to $4.85. A profitable break above $4.85 might begin one other robust rally. Within the acknowledged case, the worth might simply rally towards $5.20 within the coming days. The following main resistance is seen close to the $5.50 zone.
Are Dips Supported in DOT?
If DOT worth fails to proceed larger above $4.80 or $4.85, it might begin a draw back correction. The primary key help is close to the $4.62 degree.
The following main help is close to the $4.50 degree and the pattern line, under which the worth would possibly decline to $4.35. Any extra losses could maybe open the doorways for a transfer towards the $4.20 help 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 – $4.62, $4.50 and $4.20.
Main Resistance Ranges – $4.80, $4.85, and $5.50.