Polkadot Surged 15% But The Rally Isn’t Over Yet: Analysis

Polkadot surged 15% but the rally isn’t over yet as the coin started a strong surge and broke the $5.40 resistance zone against the US dollar. DOT is now up by 20% this week and rallied above $7.00 so let’s take a closer look at today’s altcoin news.

DOT gained some pace above the $5.40 and the $6.00 level to start a fresh increase against the US dollar with the price is now trading well above the $7.00 level and the 100 simple moving average with a break above a major bearish trend line with the resistance nearing the $5.40 level on the 4-hour charts of the pair. The pair traded as high as $7.68 and is now correcting lower.

Over the past week, DOT formed a strong support base above the $5.00 level and it started a steady increase and broke a few important hurdles near the $5.40 to move into a bullish zone. The coins settled above the $5.50 level and the 100 simple moving average but what’s even more important is that there was a break above the major bearish trend line with the resistance zone against the USD of $5.40 on the 4-hour chart of the pair.

There was a strong surge movement about the $6.00 and the $7.00 level with the price trading to a new monthly high of the $7.50 level. DOT outperformed both BTC and ETH and is now correcting lower and trading below $7.50 and tested the 23.6% fib retracement level from the recent increase at the $6.25 swing low to the $7.68 high which is the first major support on the downside nearing the .
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00 zone. DOT is also close to the 50% fib retracement of the recent increase from the $6.25 swing low to the $7.58 high.

On the upside, the $7.50 and the $7.65 levels are a few important hurdles with a break above the $7.65 level that could open the doors for a steady increase in the coming days to the $8.00 level. If the price starts a downside correction below this level, it could find a strong buying interest close to the $7.00 and $6.95 levels in the near-term. The next major support is close to the $6.70 level and the recent breakout zone with more losses could aim for a test of the $6.25 support zone.