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Polkadot (DOT) Increased 20%! Can it Test the $ 25 Level?

Polkadot's DOT started a strong uptrend and cleared the $ 20.00 level against the US Dollar.

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Polkadot (DOT) Increased 20%! Can it Test the $ 25 Level?

Polkadot’s DOT started a strong uptrend and cleared the $ 20.00 level against the US Dollar. The altcoin is trading with a strong bullish angle and is likely to rise towards $ 24.00 to $ 25.00, according to analyst Aayush Jindal.

The DOT rose above the $ 18.80 and $ 20.00 resistance levels against the US Dollar. The price is trading above the $ 20.00 support and above the 100 simple moving average (4-hours). There was a break above a major triangle with resistance near $ 16.50 on the 4-hour chart of the DOT / USD pair ( data source from Kraken ). The pair continues its strong upward trend and can reach above $ 22.00 and $ 23.20.

DOT Stays Above $ 20

After building a support base above $ 14.50, DOT launched a new rally. There was a strong upward momentum and the price broke many key hurdles around $ 16.50. There was a break near $ 16.50 on the 4-hour chart of the DOT / USD pair. This opened the doors for a larger increase and the price cleared resistance near the $ 19.00 level.
The bulls even pumped the price above the $ 20.00 level and settled well above the 100 simple moving average (4 hours). A new monthly high has occurred around $ 21.80 and the price is currently consolidating.

Polkadot DOT 1536x908 1

The first downside support is near the $ 20.40 level. On the upside, the $ 21.80 and $ 22.00 levels are initial hurdles. A clear break above the $ 22.00 level will likely open the doors for an increase towards the $ 23.20 and $ 24.00 levels. The next key resistance could be $ 25.00.

Fall Chances

If the DOT price does not break above $ 21.80 or $ 22.00, there could be a short-term downside correction. The first major support is near the $ 20.40 and $ 20.20 levels.

The next major support is near the $ 19.00 level (previous resistance zone). More losses could possibly trigger a decline to the $ 17.20 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 60 level.
  • Major Support Levels: $ 20.40, $ 20.20 and $ 19.00.
  • Major Resistance Levels: $ 21.80, $ 22.00 and $ 24.00.

 

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