Polkadots DOT started a fresh surge from the USD 28.00 support against the US dollar. It is rising and the bulls appear to be seeing an uptrend above the USD 40.00 resistance
- DOT holds the floor above the $ 35.00 and $ 36.00 levels against the US Dollar.
- The price trades well above the USD 35.00 support and the simple moving average of 100 (4 hours).
- A major bullish trendline is forming on the 4-hour chart of the DOT / USD pair (data source from Kraken) with support near USD 35.80.
- The pair could start a strong rally once it hits the $ 39.50 and $ 40.00 resistance levels.
Polkadots DOT Eyes Fresh Surge
After correcting toward $ 28,000, DOT started a fresh spike. It rebounded above the $ 30.00 and $ 32.00 levels to return to positive zones.
The bulls were able to push the price above the $ 35.00 level and the simple moving average of 100 (4 hours). The most recent swing low was formed near $ 34.83 before the price rose above $ 36.00. There was a break above the 50% Fib retracement level of the downward move from the swing high of $ 39.53 to the swing low of $ 34.83.
The price is now trading well above the $ 37.00 level. A major bullish trendline is also forming on the 4-hour chart of the DOT / USD pair with support near USD 35.80.
Source: DOTUSD on TradingView.com
Immediate resistance is near the $ 38.35 level. It is close to the 76.4% Fib retracement level of the downward move from the swing high of $ 39.53 to the swing low of $ 34.83. The main resistance is still near the $ 39.50 and $ 40.00 levels.
A successful break above $ 39.50 and a close above $ 40.00 could trigger a strong rally. In this case, the price could easily rise by 10-15% in the short term.
If the DOT price stops rising above $ 39.50 or $ 40.00, it could drop again. The first major support is near the $ 37.60 and $ 37.50 levels.
The next big support is near the $ 35.80 level and the bullish trendline. Further losses could potentially open the doors for a move towards the USD 32.00 support zone.
4 Hour MACD – The MACD for DOT / USD is now gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for DOT / USD is now above the 50 level.
Major Support Levels – $ 37.50, $ 36.00, and $ 35.80.
Main Resistance Levels – $ 38.35, $ 39.50, and $ 40.00.