Polkadot (DOT) 35 percent raise, Primary Resistance Turned Support at $10.55 percent,


After breaching the $10.00 resistance against the US Dollar, Polkadot’s DOT began a powerful rally. This week, it is up over 35 percent, and it outperformed bitcoin.

DOT Rallies Past $11 in Polkadot

DOT began a new climb above the $8.50 resistance mark after checking the $7.20 zone. The bulls gathered momentum, which led to a strong drive over the pivot level of $9.00.

There was a clear break on the 4-hour chart of the DOT/USD pair above a main bearish trend line with resistance around $9.35. For a gradual rise over the $10.00 mark, it opened the gate. The bulls moved the market beyond the downward step of the 76.4 percent Fib retracement stage from the $10.71 swing high to the $7.18 low.

It also broke the last high swing around $10.71 and settled just above the average of 100 basic movements (4-hours). Finally, there was a split over $11.00, and the $11.60 zone price checked

Polkadot (DOT)
Source: DOTUSD on TradingView.com

The price appears to face obstacles of around $11.50-$11.60. It reflects the backward shift of the 1.236 Fib extension stage from the $10.71 swing high to the $7.18 low. It seems like a downside reversal from the $11.50 level might be available.

The previous breakout zone between the peaks of $10.70 and $10.50 could serve as practical support, on the downside. Any more declines could carry the price to the support zone of $9.00.

Further Upsides?

If a new rise in the DOT price begins, the resistance thresholds between $11.50 and $11.60 could quickly be visible. Near the $12.00 mark, the next significant resistance on the upside maybe.

A closure above $12.00 may open the doors for a steady upward movement. The bulls could target at a test of the $15.00 range in the specified scenario.


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