- DOT rallied above $ 12.00 and $ 15.00 before pitting against sellers against $ 18.50 against the US dollar.
- The price trades nicely above the USD 15.00 support and it 100 easy moving average (4 hours).
- A major bullish trendline is forming with support near USD 15.50 on the 4-hour chart of the DOT / USD pair (Kraken data source).
- The pair remains in a positive zone and is likely to stay higher towards USD 18.50 and USD 20.00.
Polkadot’s DOT Stable above $ 15
After a close above the USD 12.00 level, DOT started another rally above the USD 15.00 resistance level. There was strong bullish momentum above USD 15.00 and the price even climbed above USD 18.00.
However, the bulls failed to test the USD 20.00 level. The recent high formed at $ 18.37 and the price recently corrected lower. There was a break below the USD 16.50 support level, but the bulls were active near the USD 15.00 and USD 14.80 support levels (a multi-touch zone).
A low is formed at $ 14.78 and the price is currently climbing. It broke the USD 16.00 level and tested the 50% Fib retracement level of the downward movement of the swing high from USD 18.37 to USD 14.78 low.
Source: DOTUSD on TradingView.com
A major bullish trendline is also forming with support near $ 15.50 on the 4-hour chart of the DOT / USD pair. The price is clearly trading nicely above the USD 15.00 support and it’s 100 easy moving average (4 hours). On the upside, a break above the USD 16.60 level could trigger another rise.
The next key resistance could be near USD 17.50 or the 76.4% Fib retracement level of the downward move from the swing high from USD 18.37 to USD 14.78 low. Even more winnings may call for a break above $ 18.50.
If the DOT price doesn’t stay above $ 16.50 and $ 17.00, there could be another drop. The first major support is near the USD 15.50 level and the trendline.
A successful break below the trendline support could jeopardize the USD 15.00 support. Further losses could potentially prompt a decline towards the USD 14.00 level.
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 50 level.
Key Support Levels – USD 15.50, USD 15.00 and USD 14.80.
Major Resistance Levels – USD 16.50, USD 17.20 and USD 18.50.