The price of Polkadot (DOT) shows strength after bouncing from key support on the weekly chart against Tether (USDT).
After Bitcoin (BTC) bounced from its monthly low of $19,000, this signaled a relief for other crypto altcoins including the price of Polkadot. (Data feeds from Binance)
Price Analysis Of Polkadot On The Weekly (1W) Chart
From the chart, the price of DOT saw a weekly low of around $6.50, where it has formed support.
The price has built more momentum as it faces resistance at $10.
A break above the $10 mark, the price of DOT would rally to $12.
If the price of DOT on the weekly chart fails to break the $10 mark, then a retest is bound at $8.62.
The weekly relative strength index for DOT price is 36, indicating more buy bids after bottoming out on the weekly low.
The volume shows decent buy bids, which will push the price of DOT higher.
Weekly resistance for DOT price – $10.
Weekly support for DOT price – $6.50.
Price Analysis Of Polkadot On The Daily (1D) Chart
The price of DOT found strong support at around $6.50, with what seems to be the bottom on the daily chart.
DOT has continued to rally above this support region of $6.50 to a high of $9, where it has faced resistance.
DOT’s price is at $8.40 at the point of writing; it is trading above the 50 & 200 exponential moving averages (EMA)
The 50 & 200 EMA with prices of $8.20 and $8 would act as support respectively for DOT price in case it drops due to weekend sell-offs.
If the 50 & 200 EMA region fails to hold the price, $7.92 would be a good support to hold sell-offs and a possible bounce of DOT price.
With more buy bids, we could see the price of DOT retesting at $9.18, which has been resistance on the daily chart.
RSI for DOT price on the daily chart is above 60, indicating healthy buy bids for DOT.
Volume on the daily timeframe indicates positive signs for DOT prices to trend higher.
Daily (1D) resistance for DOT price – $9.18, $10.
Daily (1D) support for DOT price – $7.92, $7.55, $7.20.
Price Analysis Of Polkadot On The Four Hourly (4H) Chart
DOT has shown great strength on the 4H chart after bouncing off from its support.
After rejection in the price of DOT at $9.10, the price dropped to the 50 EMA mark at $7.95 which has formed good support in case of a sell-off in DOT price.
DOT is trading at $8.47 above the 50 & 200 EMA on the 4H chart, haven rallied from a low of $6.50.
The price has formed a trendline acting as a resistance for DOT price, this would be invalidated only if the price breaks below the trendline.
Four Hourly (4H) resistance for DOT price – $9.10, $10.
Four hourly (4h) support for DOT price – $7.95, $7.67
Featured image from zipmex, Charts from TradingView.com Credit: Source link
