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Charted: Polkadot (DOT) Surges 15%, Why Rally Isn’t Over Yet
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Charted: Polkadot (DOT) Surges 15%, Why Rally Isn’t Over Yet

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ethereum

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Polkadot’s DOT started a strong surge after it broke the $5.40 resistance against the US Dollar. It is up over 20% this week, and it even rallied above $7.00.

  • DOT gained pace above the $5.40 and $6.00 levels to start a fresh increase against the US dollar.
  • The price is now trading well above $7.00 and the 100 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $5.40 on the 4-hours chart of the DOT/USD pair (data source from Kraken).
  • The pair traded as high as $7.68 and it is currently correcting lower.

Polkadot’s DOT Rallies Significantly

This week, DOT formed a strong support base above the $5.00 level. It started a steady increase and broke a couple of important hurdles near $5.40 to move into a bullish zone.

It even settled above the $5.50 level and 100 simple moving average (4-hours). More importantly, there was a break above a major bearish trend line with resistance near $5.40 on the 4-hours chart of the DOT/USD pair.

There was a sharp upward move above the $6.00 and $7.00 levels. The price traded to a new monthly high above $7.50 at $7.68, and it outperformed bitcoin and ETH. It is currently correcting lower and trading below $7.50. It already tested the 23.6% Fib retracement level of the recent increase from the $6.25 swing low to $7.68 high.

Polkadot (DOT)

The first major support on the downside is near the $7.00 zone. It is also close to the 50% Fib retracement level of the recent increase from the $6.25 swing low to $7.68 high.

On the upside, the $7.50 and $7.65 levels are important hurdles. A clear break above the $7.65 level could open the doors for a steady increase in the coming days towards $8.00 or $8.20.

Dips Supported?

If DOT price starts a downside correction below $7.20, it could find a strong buying interest near the $7.00 and $6.95 levels in the near term.

The next major support is near the $6.70 level (a multi-touch zone) and the recent breakout zone. Any more losses might call for a test of the $6.25 support zone.

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 now well above the 60 level.

Major Support Levels – $7.20, $7.00 and $6.95.

Major Resistance Levels – $7.50, $7.65 and $8.00.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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