After bouncing off the key support of the weekly chart for Tether (USDT), Polkadot’s (DOT) price shows strength.
This signaled relief for the other cryptocurrency altcoins, including Polkadot. (Data feeds from Binance)
The Weekly 1W Chart: Price Analysis of Polkadot
According to the chart, DOT prices fell by around $6.50 each week. Since then, they have been supported.
As it is facing resistance at $10, the price gained more momentum.
A price rise above $10 would see DOT’s value rally to $12
The weekly chart price of DOT should not exceed $10. A retest will be made at $8.62.
The weekly relative strength index (DOT price) is 36. It indicates more buy bids, after the weekly bottom.
Volume shows that there are decent bids for buy, and this will drive the price up of DOT.
Weekly resistance for DOT price – $10.
Weekly support for DOT price – $6.50.
The Daily (1D), Chart Price Analysis for Polkadot
The price for DOT was strong at $6.50 with what appears to be the lowest daily chart.
DOT continues to rise above the $6.50 support area to a peak of $9 where it faces 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.
If there were more buy orders, the price of DOT testing could rise to $9.18. That’s resistance in the daily charts.
The RSI (Related to DOT Price) is higher than 60. This indicates that there are healthy buy bids.
The positive trend in DOT prices is indicated by the volume over the day.
Daily (1D) resistance for DOT price – $9.18, $10.
Daily (1D) support for DOT price – $7.92, $7.55, $7.20.
Pricing Analysis of Polkadot on The Four Hourly (4H), Chart
After dropping off its support, DOT has displayed great strength on 4H charts.
After being rejected at the price of $9.10 for DOT, tHe price has fallen to the $50 EMA mark at $7.95, providing support should there be a drop in DOT prices.
DOT is trading at $8.47 above the 50 & 200 EMA on the 4H chart, haven rallied from a low of $6.50.
If the price falls below the trendline, the trendline will be invalidated.
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 by TradingView.com