Polkadot (DOT) broke the short-term descending resistance line and ended the downtrend that started September 14th.
It’s presently getting ready to attempt above the September highs after which the ATH ranges.
DOT strikes in the direction of resistance
The DOT has risen together with the ascending assist line since July twentieth when it hit as little as $ 10.37. The upward motion remains to be ongoing, hitting $ 38.77 to this point on September 14th.
The principle resistance space is at $ 41.35. That is the 0.786 fib retracement resistance and the horizontal resistance vary.
With DOT buying and selling above the ascending assist line, the bullish construction stays intact. As well as, technical indicators assist the continuation of the upward development.
The MACD has proven a bullish reversal sign and the RSI has moved above 50 after breaking beneath that degree (inexperienced circle).
DOT / USDT day by day chart | Supply: TradingView
Dealer @PostyXBT sketched a DOT chart indicating that he purchased extra within the $ 28.50 assist space. The assist zone additionally coincides with the ascending assist line, making it a really sturdy confluence.
If worth breaks above the $ 41.40 resistance space, the DOT will doubtless rise to the Might excessive close to $ 50.
The supply: Twitter
The shorter-term 2-hour chart additionally provides a bullish outlook. It exhibits that the DOT has damaged out above the descending resistance line. This line has shaped because the worth drop on September 14th, so a break above it’s a signal of a doable development change.
The RSI and MACD indicators are the identical as within the day by day timeframe. The primary index has risen above 50 whereas the latter is in optimistic territory, exhibiting that the short-term development is bullish.
At the moment, the DOT stands in entrance of the 0.618 fib retracement resistance at $ 33.70. If worth can transfer above it, the subsequent goal could possibly be the $ 41.40 resistance space.
DOT / USDT 2-hour chart | Supply: TradingView
You may see the DOT costs right here.
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