Polkadot rallies 10% and remained strong above the $25.00 support zone against the US dollar with it now trading above $28.00 as it prepares to hit the $30 resistance zone so let’s read more in our latest altcoin news today.
DOT started a fresh increase after a smaller correction between the $25 support against the US dollar. The price was trading nicely above the $28 support and the 100 simple moving average with a break over the major bearish trend line with resistance near the $27.50 on the 4-hour chart of the pair that remains in a strong uptrend and could clear the $30 barrier.
After testing the $30 resistance level, DOT started a downside correction much similar to BTC and there was also a break below the $28 and $27 support levels with the price even spiking below the $25 support level. The downsides were limited and there wasn’t a close below $25 support. The price recovered nicely and settled above $27 level while there was also a strong increase above the 50% fib retracement level to the downside correction of the $23.38 low. DOT broke above the major bearish trend line with the resistance close to $27.50 on the 4-hour charts of the pair as it is now trading above $28 support and the 100 simple moving average as Polkadot rallies 10% higher.
DOT was trading near the 76.4% fib retracement level from the downside correction at the $30.25 high to $23.38 low so there are even more chances of more upsides above the $29 level where the bulls will aim for a fresh break above the $30 resistance in the near-term. If DOT prices fail to go higher above $29 and $30, there will be a short-term downside correction with the first key support being set at $28. The next major support is set at $27.50 level and the broken trend line with more losses opening the doors for another move to a $26.50 support zone in the upcoming sessions with the main support nearing the $25 level.
The 4-hour MACD for the pair is gaining momentum in the bullish zone while the 4hour RSI is well above the 50 level. The major support levels are set at $28 and $27.80 while the major resistance level is set at $29 and $30.
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