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Charted: Polkadot (DOT) Surges 35%, Key Resistance Turned Support at $10.5

Polkadot’s DOT began a powerful surge after it broke the $10.00 resistance towards the US Dollar. It is up over 35% this week, and it outperformed bitcoin.

  • DOT gained tempo above the $9.50 and $10.00 resistance ranges towards the US greenback.
  • The worth traded to a brand new yearly excessive at $11.60 and settled properly above the 100 easy transferring common (4-hours).
  • There was a break above a key bearish development line with resistance close to $9.35 on the 4-hours chart of the DOT/USD pair (information supply from Kraken).
  • The pair may right decrease, however the earlier resistance at $10.50 may present help.

Polkadot’s DOT Rallies Above $11

After testing the $7.20 zone, DOT began a recent enhance above the $8.50 resistance degree. The bulls gained energy, leading to a stable push above the $9.00 pivot degree.

There was a transparent break above a key bearish development line with resistance close to $9.35 on the 4-hours chart of the DOT/USD pair. It opened the doorways for a gentle enhance above the $10.00 degree. The bulls pushed the value above the 76.4% Fib retracement degree of the downward transfer from the $10.71 swing excessive to $7.18 low.

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It even broke the final swing excessive close to $10.71 and settled properly above the 100 easy transferring common (4-hours). Finally, there was a break above $11.00 and the value examined the $11.60 zone.

Source: DOTUSD on TradingView.com

It looks like the value is dealing with hurdles close to $11.50-$11.60. It represents the 1.236 Fib extension degree of the downward transfer from the $10.71 swing excessive to $7.18 low. It looks like there may very well be a draw back correction from the $11.50 degree.

On the draw back, the earlier breakout zone close to the $10.70 and $10.50 ranges may act as a powerful help. Any extra losses could lead on the value in the direction of the $9.00 help zone.

More Upsides?

If DOT worth begins a recent enhance, it may simply clear the $11.50 and $11.60 resistance ranges. The subsequent main resistance on the upside may very well be close to the $12.00 degree.

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A detailed above the $12.00 could presumably open the doorways for a sustained upward transfer. In the acknowledged case, the bulls may purpose a check of the $15.00 degree.

Technical Indicators

4-Hours MACD – The MACD for DOT/USD is gaining momentum within the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now properly above the 60 degree.

Major Support Levels – $11.00, $10.70 and $10.50.

Major Resistance Levels – $11.50, $11.60 and $12.00.

EditorialTeam

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