DOT Steadied Above $35 While Bulls Aim Higher: Price Analysis

DOT Steadied above after it corrected from the zone, remaining stable above against the US dollar.
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It Is now rising and seems like the bulls are looking for a new target of $40 and $42 so let’s read more in our latest altcoin news today.

DOT steadied and is holding ground above $30 and $35 against the US dollar with the price trading nicely above the $35 support and the 100 simple moving average. There was also a break above the crucial bearish trend line with the resistance near the $34.50 on the 4-hour charts of the pair which remains in a strong uptrend and will revisit $42.00. After finding more offers near $42, DOT started a downside correction with a break below the $35 and $32 levels with the price spiking below the $30,00 support level as the bulls remained in action.

Another swing low was formed near $26.25 before the price starts a fresh increase as the price increased higher and received a break above the 50% fib retracement level from the downward move from $42.20 high to $26.25 low. There was a break above the crucial bearish trend line with the resistance of $35.50 on the 4-hour charts of the pair that are trading nicely above the $35.00 support and the 100 simple moving average.

The immediate resistance is close to $38.50 and near the 76.4% fib retracement level from the downward move at $42.20 swing high to $26.25 swing low. Breaking above the $38.50 and the $38.80 resistance levels will lead the price towards $40 and there’s another key resistance sitting at $42. If DOT price fails to continue higher above $39, there will be a short-term downside correction with new key support nearing the $35 level.

The next major support is near the $33.50 level and the 100 simple moving average so any more losses could open the doors for a move towards the $30 support zone. The technical indicators show that the MACD for the pair is gaining momentum in the bullish zone while the 4-hour RSI is above the 50 levels.

As reported recently, UAE’s FD7 ventures is a crypto-oriented fund that vowed to dispose of the BTC holdings for ADA and DOT and set up a $250 million micro-fund that is focused on investments in teams that will work on Cardano and Polkadot.