Charted: Polkadot (DOT) Surges 20%, Why It Could Soon Test $25


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.

How To Get Free Crypto  

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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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.

Coinbase Banner  

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.

Go to Source
Author: Aayush Jindal


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.