Charted: Polkadot (DOT) Rallies 10%, Why It Could Clear The $30 Hurdle

Charted: Polkadot (DOT) Rallies 10%, Why It Could Clear The $30 Hurdle

Polkadot’s DOT remained strong above the $25.00 support zone against the US Dollar. It is now trading nicely above $28.00 and it may soon surpass the $30.00 resistance zone.

  • DOT started a fresh increase after a minor correction towards the $25.00 support against the US dollar.
  • The price is trading nicely above the $28.00 support and he 100 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $27.50 on the 4-hours chart of the DOT/USD pair (data source from Kraken).
  • The pair remains in a strong uptrend and it could soon clear the key $30.00 barrier.

Polkadot’s DOT Eyes More Upsides

After testing the $30.00 resistance, DOT started a downside correction, similar to bitcoin. There was a break below the $28.00 and $27.50 support levels. The price even spiked below the $25.00 support level.

However, downsides were limited and there was no close below the $25.00 support. The price recovered nicely and it settled above the $27.00 level. There was a strong increase above the 50% Fib retracement level of the downside correction from the $30.25 high to $23.38 low.

There was also a break above a major bearish trend line with resistance near $27.50 on the 4-hours chart of the DOT/USD pair. The pair is now trading nicely above the $28.00 support and he 100 simple moving average (4-hours).

Read the full article at newsbtc.com

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