HomeBITCOINIs Polkadot's (DOT) Price Ready to Surge to $5.5? Are Bulls Prepared?

Is Polkadot’s (DOT) Price Ready to Surge to $5.5? Are Bulls Prepared?

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Polkadot (DOT) is experiencing a rise in value above the $4.50 resistance against the US Dollar. If it is able to surpass the $4.80 resistance, the price may surge towards $5.50.

DOT is gradually moving higher above the $4.50 resistance zone against the US Dollar. The price is currently trading above the $4.60 zone and the 100 simple moving average (4 hours).

On the 4-hour chart of the DOT/USD pair (data sourced from Kraken), there is a significant bullish trend line forming with support near $4.50. The pair may experience bullish momentum if it is able to close above $4.80 and $4.85.

Polkadot Price Regains Strength

After establishing a base above $4.00, the price of DOT started to rise. It successfully cleared the key barrier at $4.20, similar to Bitcoin and Ethereum.

Polkadot also surpassed the $4.50 resistance zone and the 100 simple moving average (4 hours), reaching a new multi-week high at $4.803. Currently, it is consolidating its gains and remains well above the 23.6% Fib retracement level of the upward move from the $4.046 swing low to the $4.803 high.

DOT’s price is presently trading above the $4.60 zone and the 100 simple moving average (4 hours). Additionally, a key bullish trend line is forming with support near $4.50 on the 4-hour chart of the DOT/USD pair. This trend line aligns closely with the 50% Fib retracement level of the upward move from the $4.046 swing low to the $4.803 high.

Source: DOTUSD on TradingView.com

The immediate resistance level for DOT is around $4.80, followed by a major resistance near $4.85. A successful breakthrough above $4.85 could initiate a strong rally, leading the price to potentially surge towards $5.20 in the coming days. The next significant resistance is located near the $5.50 zone.

Are Dips Supported in DOT?

If the price of DOT fails to continue its upward trend above $4.80 or $4.85, a downside correction may occur. The first key support level is near $4.62.

Below that, the next major support level is near $4.50, aligned with the trend line. If the price falls further, it might decline to $4.35. Additional losses could potentially lead to a move towards the $4.20 support zone.

Technical Indicators

The 4-hour chart shows that the MACD for DOT/USD is currently gaining momentum in the bullish zone. The RSI (Relative Strength Index) for DOT/USD is also above the 50 level.

Major Support Levels – $4.62, $4.50, and $4.20.

Major Resistance Levels – $4.80, $4.85, and $5.50.

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