DOT Price (Polkadot) Surge to $5.5 – Are Bulls Ready For This?

Polkadot (DOT) is gaining tempo above the $4.50 resistance in opposition to the US Greenback. The worth may surge towards $5.5 if it clears the $4.80 resistance.

• DOT is slowly transferring larger above the $4.50 resistance zone in opposition to the US Greenback.
• The worth is buying and selling above the $4.60 zone and the 100 easy transferring common (4 hours).
• There’s a key bullish development line forming with assist close to $4.50 on the 4-hour chart of the DOT/USD pair (knowledge supply from Kraken).
• The pair may acquire bullish momentum if there’s a shut above $4.80 and $4.85.

Polkadot Value Regains Energy

After forming a base above the $4.00 deal with, DOT worth began a good enhance. The worth was in a position to clear the important thing barrier at $4.20 to enter a constructive zone, like Bitcoin and Ethereum.

Polkadot cleared the $4.50 resistance zone and the 100 easy transferring common (4 hours). It traded to a brand new multi-week excessive at $4.803 and is now consolidating beneficial properties. It’s nicely above the 23.6% Fib retracement degree of the upward transfer from the $4.046 swing low to the $4.803 excessive.

DOT worth is now buying and selling above the $4.60 zone and the 100 easy transferring common (4 hours). There may be additionally a key bullish development line forming with assist close to $4.50 on the 4-hour chart of the DOT/USD pair. The development line is near the 50% Fib retracement degree of the upward transfer from the $4.046 swing low to the $4.803 excessive.

Supply: DOTUSD on TradingView.com

Instant resistance is close to the $4.80 degree. The subsequent main resistance is close to $4.85. A profitable break above $4.85 may begin one other robust rally. Within the said case, the value may simply rally towards $5.20 within the coming days. The subsequent main resistance is seen close to the $5.50 zone.

Are Dips Supported in DOT?

If DOT worth fails to proceed larger above $4.80 or $4.85, it may begin a draw back correction. The primary key assist is close to the $4.62 degree.

The subsequent main assist is close to the $4.50 degree and the development line, beneath which the value would possibly decline to $4.35. Any extra losses could maybe open the doorways for a transfer towards the $4.20 assist zone.

Technical Indicators

4-Hours MACD – The MACD for DOT/USD is now gaining momentum within the bullish zone.

4-Hours RSI (Relative Energy Index) – The RSI for DOT/USD is now above the 50 degree.

Main Assist Ranges – $4.62, $4.50 and $4.20.

Main Resistance Ranges – $4.80, $4.85, and $5.50.