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Polkadot Price Shows Strength, Eyes $10

The value of Polkadot (DOT) exhibits power after bouncing from key assist on the weekly chart towards Tether (USDT).

After Bitcoin (BTC) bounced from its month-to-month low of $19,000, this signaled a reduction for different crypto altcoins together with the worth of Polkadot. (Data feeds from Binance)

Price Analysis Of Polkadot On The Weekly (1W) Chart

 

Weekly Chart Analysis For DOT Price | Source: DOTUSDT On Tradingview.com

From the chart, the worth of DOT noticed a weekly low of round $6.50, the place it has shaped assist.
The value has constructed extra momentum because it faces resistance at $10.
A break above the $10 mark, the worth of DOT would rally to $12.
If the worth of DOT on the weekly chart fails to break the $10 mark, then a retest is certain at $8.62.
The weekly relative power index for DOT value is 36, indicating extra purchase bids after bottoming out on the weekly low.
The quantity exhibits respectable purchase bids, which can push the worth of DOT larger.

Weekly resistance for DOT value – $10.
Weekly assist for DOT value – $6.50.

 

Price Analysis Of Polkadot On The Daily (1D) Chart

Daily Chart Analysis For DOT Price | Source: DOTUSDT On Tradingview.com

The value of DOT discovered robust assist at round $6.50, with what appears to be the underside on the day by day chart.

DOT has continued to rally above this assist area of $6.50 to a excessive of $9, the place it has confronted resistance.
DOT’s value is at $8.40 on the level of writing; it is buying and selling above the 50 & 200 exponential shifting averages (EMA)

The 50 & 200 EMA with costs of $8.20 and $8 would act as assist respectively for DOT value in case it drops due to weekend sell-offs.

If the 50 & 200 EMA area fails to maintain the worth, $7.92 can be a very good assist to maintain sell-offs and a potential bounce of DOT value.

With extra purchase bids, we might see the worth of DOT retesting at $9.18, which has been resistance on the day by day chart.

RSI for DOT value on the day by day chart is above 60, indicating wholesome purchase bids for DOT.
Volume on the day by day timeframe signifies optimistic indicators for DOT costs to pattern larger.

Daily (1D) resistance for DOT value – $9.18, $10.
Daily (1D) assist for DOT value – $7.92, $7.55, $7.20.

Price Analysis Of Polkadot On The Four Hourly (4H) Chart

DOT Price Analysis On The 4H Chart | Source: DOTUSDT On Tradingview.com

DOT has proven nice power on the 4H chart after bouncing off from its assist.

After rejection within the value of DOT at $9.10, the value dropped to the 50 EMA mark at $7.95 which has shaped good assist in case of a sell-off in DOT value.

DOT  is buying and selling at $8.47 above the 50 & 200 EMA on the 4H chart, haven rallied from a low of $6.50.

The value has shaped a trendline performing as a resistance for DOT value, this might be invalidated provided that the worth breaks under the trendline.

Four Hourly (4H) resistance for DOT value – $9.10, $10.

Four hourly (4h) assist for DOT value – $7.95, $7.67

Featured picture from zipmex, Charts from TradingView.com 

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