- Polkadot surpasses the $4.50 resistance, signaling a positive trend.
- Trading above $4.60, DOT eyes $5.50 with support at $4.50.
- Key support levels at $4.62, $4.50, and $4.20 are reinforced by bullish MACD and RSI indicators.
Polkadot (DOT) has embarked on a notable ascent, breaching key resistance levels and setting its sights on the coveted $5.50 milestone. The rally commenced with Polkadot’s successful breach of the $4.50 resistance, a crucial turning point that initiated a positive trend.
As it surged past this hurdle, DOT soared to a new multi-week high of $4.803, underscoring the cryptocurrency’s newfound strength and market appeal. Currently, Polkadot is trading comfortably above the $4.60 zone, reinforcing its potential to reach the $5.50 milestone.
What’s particularly encouraging is the presence of a key bullish trend line that has formed with support near the $4.50 mark. This trend line, coupled with the 100 simple moving average over a four-hour period, provides additional reassurance to investors.
In addition to these technical indicators, the Moving Average Convergence Divergence (MACD) for DOT/USD has entered the bullish zone, signifying a notable gain in momentum. The Relative Strength Index (RSI) has also gone above the 50 level, confirming the cryptocurrency’s current strength and potential for further gains.
While the cryptocurrency charts its course towards these ambitious goals, it’s essential to acknowledge the presence of key support levels that will safeguard against potential downward corrections. These support levels, namely $4.62, $4.50, and $4.20, serve as pillars of strength, providing a safety net for Polkadot’s price, thus ensuring that any setbacks remain within manageable boundaries.
Read also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
