Polkadot’s DOT began a strong rise after it broke the $1000 resistance versus the United States Dollar. It is up over 35% today, and it surpassed bitcoin.
- DOT acquired speed above the $9.50 and $1000 resistance levels versus the United States dollar.
- The rate traded to a brand-new annual high at $1160 and settled well above the 100 easy moving typical (4-hours).
- There was a break above a crucial bearish pattern line with resistance near $9.35 on the 4-hours chart of the DOT/USD set (information source from Kraken).
- The set might fix lower, however the previous resistance at $1050 may supply assistance.
Polkadot’s DOT Rallies Above $11
After checking the $7.20 zone, DOT began a fresh increase above the $8.50 resistance level. The bulls acquired strength, leading to a strong push above the $9.00 pivot level.
There was a clear break above a crucial bearish pattern line with resistance near $9.35 on the 4-hours chart of the DOT/USD set. It unlocked for a constant boost above the $1000 level. The bulls pressed the rate above the 76.4% Fib retracement level of the down relocation from the $1071 swing high to $7.18 low.
It even broke the last swing high near $1071 and settled well above the 100 easy moving typical (4-hours). Lastly, there was a break above $1100 and the rate checked the $1160 zone.
Source: DOTUSD on TradingView.com
It looks like the rate is dealing with difficulties near $1150-$1160 It represents the 1.236 Fib extension level of the down relocation from the $1071 swing high to $7.18 low. It looks like there might be a disadvantage correction from the $1150 level.
On the drawback, the previous breakout zone near the $1070 and $1050 levels might function as a strong assistance. Anymore losses might lead the rate towards the $9.00 assistance zone.
More Upsides?
If DOT rate begins a fresh boost, it might quickly clear the $1150 and $1160 resistance levels. The next significant resistance on the advantage might be near the $1200 level.
A close above the $1200 might perhaps unlock for a continual upward relocation. In the mentioned case, the bulls may intend a test of the $1500 level.
Technical Indicators
4-Hours MACD– The MACD for DOT/USD is acquiring momentum in the bullish zone.
4-Hours RSI (Relative Strength Index)– The RSI for DOT/USD is now well above the 60 level.
Significant Assistance Levels– $1100, $1070 and $1050
Significant Resistance Levels– $1150, $1160 and $1200
Aayush Jindal Read More.
