Polkadot (DOT) started a strong uptrend after breaking the $ 10.00 resistance against the US dollar. It has outperformed Bitcoin, with an increase of over 35% this week. According to the technical analysis of NewsBTC’s Aayush Jindal:
The DOT gained momentum above the $ 9.50 and $ 10.00 resistance levels against the US Dollar.
The price created a new ATH at $ 12.15 and moved well above the 100 simple moving average (4 hours).
There was a break above a critical bearish trend line with resistance near $ 9.35 on the 4-hour chart of the DOT / USD pair (based on Kraken data).
The pair may correct, but the previous $ 10.50 resistance may provide support.
After testing the $ 7.20 zone, the DOT launched a new high above the $ 8.50 resistance level. The bulls strengthened and resulted in a solid push above the $ 9.00 pivot level.
There was a clear break above a critical bearish trend line with resistance near $ 9.35 on the 4-hour chart of the DOT / USD pair. It opened the doors for a steady rise above the $ 10.00 level. The bulls pushed the price above the 76.4% Fib retracement level of the downtrend from $ 10.71 to $ 7.18.
It broke its last move around $ 10.71 and settled well above the 100 simple moving average (4 hours). Finally, there was a break above $ 11.00, and the price tested the $ 12 zone.
If the DOT price starts a new increase, it could easily clear the $ 11.50 and $ 11.60 resistance levels. A close above $ 12.00 could open the doors for a steady upward move. In the situation stated, the bulls could target a test at $ 15.00.
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 currently well above the 60 levels.
Major Support Levels – $ 11.00, $ 10.70 and $ 10.50
Major Resistance Levels – $ 11.50, $ 11.60 and $ 12.00
P.S: This is not an investment advice