September 22, 2021

Polkadot Breaks Out, Touching Highest Mark since May

Briefly

  • DOT manages to break out from resistance at $29.
  • The following resistance locates at $41.35.
  • DOT/BTC trades in the 58,000 – 72,000 satoshis range.

If Polkadot (DOT) succeeds in enduring above this price mark, it will have its next resistance at $41.35.

Parabolic Increase

Polkadot has ridden bullish waves since 20 July. On 21 August, the crypto attained the $29.35 highs but declined immediately after the rejection around the resistance area of $29.

However, DOT resumed another upside trend on 30 August. That way, it managed to overpower the $29 resistance level the following day. The breakout constituted considerable market volume for the asset.

Though the Relative Strength Index (RSI) noted bearish divergence, the indicator just hiked over the 70-level. Moreover, the Moving Average Convergence Divergence (MACD) still increases as the super-trend retains bullishness.

Though the crypto hasn’t printed a discernible pattern, Polkadot trades in a parabolic climbing support trend-line that overlaps with the bullish super-trend line on 30 August. For now, DOT has its following resistance at $41.35. It is the horizontal zone coinciding with the 0.786 Fibonacci retracement resistance. On the other part, market analysts expect the $29 price level to serve as DOT’s support.

According to the Polkadot chart outlined by Trader-XO, a crypto trader, DOT faces a massive resistance level at $28. The area rejected DOT upsurges before the coin accumulated the momentum needed to break out.

DOT/BTC

DOT/BTC has noted uptrends since 28 July. On 31 August, the pair touched 69,000 SAT highs after lucrative developments in the market. Though declines followed after that, the asset still trades over the 58,000 SAT zone, the level that acts as the current support.

Meanwhile, DOT/BTC prints bullish technical indicators. The RSI and MACD increase as the super-trend depicts bullishness. The pair has its nearest resistance level at 72,000 SAT. If the market retains its positive trends, the crypto will break out from this zone, heading up towards 96,000 satoshis.

Polkadot’s upside progress comes as the entire cryptocurrency market enjoys healthy moves. That had investors speculating higher prices in the incoming trading sessions.

What are your thoughts on the crypto space in the upcoming session? You can comment below.