Credit: Original article published by newsbtc.

Polkadot’s DOT started a strong surge and cleared $20.00 against the US Dollar. It is trading with a strong bullish angle and it is likely to accelerate higher towards $24.00 or $25.00.

  • DOT rallied above $18.80 and $20.00 resistance levels against the US dollar.
  • The price is trading nicely above the $20.00 support and he 100 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $16.50 on the 4-hours chart of the DOT/USD pair (data source from Kraken).
  • The pair remains in a strong uptrend and it could rise further above $22.00 and $23.20.

Polkadot’s DOT Settles Above $20

After forming a support base above $14.50, DOT started a fresh rally. There was a strong bullish momentum and the price broke many important hurdles near $16.50.

There was also a break above a major contracting triangle with resistance near $16.50 on the 4-hours chart of the DOT/USD pair. It opened the doors for a larger increase and the price cleared the range resistance near the $19.00 level.

The bulls even pumped the price above the $20.00 level and it settled well above the 100 simple moving average (4-hours). A new monthly high is formed near $21.80 and the price is currently consolidating.

Source: DOTUSD on TradingView.com

An initial support on the downside is near the $20.40 level. It is close to the 23.6% Fib retracement level of the recent increase from the $15.72 swing low to $21.80 high. On the upside, the $21.80 and $22.00 levels are initial hurdles. A clear break above the $22.00 level will most likely open the doors for a surge towards the $23.20 and $24.00 levels. The next key resistance could be $25.00.

Dips Supported?

If DOT price fails to continue higher above $21.80 or $22.00, there could be a short-term downside correction. The first key support is near the $20.40 and $20.20 levels.

The next major support is near the $19.00 level (the previous range resistance zone). It is also close to the 50% Fib retracement level of the recent increase from the $15.72 swing low to $21.80 high. Any more losses may possibly call for a drop towards the $17.20 level.

Technical Indicators

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

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

Major Support Levels – $20.40, $20.20 and $19.00.

Major Resistance Levels – $21.80, $22.00 and $24.00.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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