DOTUSD Polkadot

Polkadot’s DOT started a fresh increase above the $6.00 resistance against the US Dollar. The price is now approaching a major break and might eye a test of $7. DOT is slowly moving higher above the $6.0 resistance zone against the US dollar. The price is trading near the $6.20 zone and the 100 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near $6.12 on the 4-hours chart of the DOT/USD pair (data source from Kraken). The pair could gain bullish momentum if there is a close above the $6.20 resistance. Polkadot’s DOT Price Gains Momentum After forming a base above the $5.80 zone, DOT price started a fresh increase. It climbed above the $5.88 and $5.95 levels to move back into a positive zone, similar to bitcoin and ethereum. The bulls were able to push the price above the $6.00 level and the 100 simple moving average (4-hours). There was a clear move above the 23.6% Fib retracement level of the downward move from the $6.71 swing high to $5.75 low. Besides, there was a break above a major bearish trend line with resistance near $6.12 on the 4-hours chart of the DOT/USD pair. The price is now trading near the $6.20 zone and the 100 simple moving average (4-hours). Source: DOTUSD on TradingView.com An immediate resistance is near the $6.20 level. It is near the 50% Fib retracement level of the downward move from the $6.71 swing high to $5.75 low. A successful break above $6.20 and a close above $6.25 could start a strong rally. In the stated case, the price could easily rally towards $6.50 or even $6.80 in the coming sessions. Dips Limited? If DOT price fails to continue higher above $6.15 or $6.20, it could start a downside correction. The first key support is near the $6.05 level. The next major support is near the $6.00 level, below which the price might decline to $5.75. Any more losses may perhaps open the doors for a move towards the $5.50 support zone in the coming sessions. Technical Indicators 4-Hours MACD – The MACD for DOT/USD is now gaining momentum in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level. Major Support Levels – $6.05, $6.00 and $5.75. Major Resistance Levels – $7.20, $7.50 and $7.80.