Polkadots DOT rose towards $ 18.50 before correcting against the US dollar. Despite a crash in Bitcoin and Ethereum, it holds profits above $ 15.00.
- DOT rebounded above $ 12.00 and $ 15.00 before facing sellers versus $ 18.50 against the US dollar.
- The price trades well above the USD 15.00 support and the 100 simple moving average (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 15.50.
- The pair remains in positive zone and is likely to continue rising towards $ 18.50 and $ 20.00.
Polkadots DOT stall over $ 15
After closing above the $ 12.00 level, DOT started a new rally above the $ 15.00 resistance level. There was strong upward momentum above $ 15.00 and the price even surged above $ 18.00.
However, the bulls failed to test the $ 20.00 level. The recent high was made near $ 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 being formed near $ 14.78 and the price is currently rising. It broke the $ 16.00 level and tested the 50% fib retracement level of the downward move from the high of $ 18.37 to the low of $ 14.78.
Source: DOTUSD on TradingView.com
A major bullish trendline is also forming on the 4-hour chart of the DOT / USD pair with support near USD 15.50. The price is trading well above the $ 15.00 support and the simple moving average of 100 (4 hours). On the upside, a break above the $ 16.60 level could trigger a fresh move.
The next major resistance could be near $ 17.50, or the 76.4% fib retracement level of the downward move from the high of $ 18.37 to the low of $ 14.78. Further wins may require a break of $ 18.50.
Fresh dip?
If the DOT price stops rising above $ 16.50 and $ 17.00, it could drop again. The first major support is near the USD 15.50 level and the trend line.
A successful break below trendline support could jeopardize the USD 15.00 support. Further losses could potentially require a decline to the $ 14.00 level.
Technical indicators
4 Hour MACD – The MACD for DOT / USD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for DOT / USD is still above the 50 level.
Major Support Levels – $ 15.50, $ 15.00, and $ 14.80.
Main Resistance Levels – $ 16.50, $ 17.20, and $ 18.50.
