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Polkadot (DOT) maintains gains despite sharp drop in BTC and ETH

Polkadot’s DOT soared to $ 18.50 before being corrected downwards against the US dollar. He is maintaining earnings above $ 15.00, despite a drop in bitcoin and Ethereum.

  • The DOT rose above $ 12.00 and $ 15.00 before facing sellers close to $ 18.50 against the US dollar.
  • The price is trading well above the $ 15.00 support and the simple moving average of 100 (4 hours).
  • There is a bullish trend line forming with support near $ 15.50 on the 4-hour chart of the DOT / USD pair (Kraken data source).
  • The pair remains in a positive zone and is likely to remain bullish at $ 18.50 and $ 20.00.

Polkadot over $ 15

After a close above the $ 12.00 level, the DOT started a new high above the $ 15.00 resistance level. There was a strong bullish momentum above $ 15.00 and the price even went up above $ 18.00.

However, the bulls failed to test the $ 20.00 level. The recent high was close to $ 18.37 and the price has recently been corrected down. There was a break below the $ 16.50 support level, but the bulls were active close to the $ 15.00 and $ 14.80 support levels (a multi-touch zone).

A low is formed near $ 14.78 and the price is rising. It broke the $ 16.00 level and tested the 50% Fib retracement level of the downward movement from $ 18.37 high to $ 14.78 low.

There is also an uptrend line forming with support near $ 15.50 on the 4-hour chart of the DOT / USD pair. The price is clearly trading well above the $ 15.00 support and the simple moving average of 100 (4 hours). On the positive side, a break above the $ 16.60 level could trigger a further increase.

The next key resistance could be close to $ 17.50 or the 76.4% Fib retracement level of the downward movement from the $ 18.37 to the $ 14.78 low. Any additional earnings may require a break above $ 18.50.

Diving fast?

If the price of DOT does not continue above $ 16.50 and $ 17.00, there may be a further decline. The first key support is close to the $ 15.50 level and the trend line.

A successful break below the trendline support could put the $ 15.00 support at risk. Any additional losses may require a drop to the $ 14.00 level.

Technical Indicators

4-hour MACD – The MACD for DOT / USD is gaining momentum in the bullish zone.

4 hour RSI (Relative Strength Index) – The RSI for DOT / USD is still above the 50 level.

Key support levels – $ 15.50, $ 15.00 and $ 14.80.

Main resistance levels – $ 16.50, $ 17.20 and $ 18.50.

Source: newsbtc

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