DOT surges 35% as the key resistance turned support at the $10.5 level against the US dollar. It is up over 35% over the past week and outperformed BTC as we are reading more in today’s altcoin news.
DOT gained some more pace above the $9.50 level against the US dollar and the price then traded to a new yearly high of $11.60 settling above the 100 simple moving average. There was a break above the key bearish trend line with the resistance close to the $9.35 on the 4-hour charts of the pair which could correct lower but the previous resistance at $10.50 could be a decent enough support.
After testing the $7.20 zone, DOT started a fresh increase above the $8.50 resistance level with the bulls gaining more strength that resulted in a solid push above the $9.00 pivot level. DOT surges 35% with a break above the key bearish trend line and the resistance turned support on the $9.35 on the 4-hour charts of the pair. It then opened the doors for a steady increase above the $10.00 level with the bulls pushing the price above the 76.4% fib retracement level from the $7.18 low.
The pair even broke the last swing near the $10.71 and settled well above the 100 simple moving average but there was also a break above the $11.00 level and the price tested the $11.50 zone. It now seems that the price is facing hurdles close to the $11.50 level and represents a 1.235 fib extension level from the downwards move at the $10.71 swing high to the $7.18 low. it also seems that there’s a downside correction from the $11.50 level with the previous breakout zone nearing the $10.70 levels that can act as strong support. More losses could lead the price to the $9.00 support zone.
If the DOT price starts a fresh increase it could clear the $11.50 and the $11.60 resistance level with the next major resistance on the upside that could be close to the $12.00 level. Closing above the $12.00 level could open the doors for a sustained upward move while in the stated case the bulls could aim for a test of the $15.00 level. The 4-hour MACD for the pair is gaining momentum in the bullish zone with the 4-hour RSI being well above the 60 levels.
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