DOT began a fresh climb above the $8.50 resistance mark after checking the $7.20 zone. The bulls gathered momentum, which led to a solid push over the pivot level of $9.00.
There was a clear break on the 4-hours chart of the DOT/USD pair above a main bearish trend line with resistance around $9.35. For a gradual rise over the $10.00 level, it opened the gate. The bulls moved the market beyond the downward step of the 76.4 percent Fib retracement stage from the $10.71 swing high to the $7.18 low.
According to cointelegraph.com, The last swing high at $10.71 was even surpassed and settled just above the 100 simple moving average. Finally, there was a break over $ 11.00 and the $ 11.60 zone was tested by the price.
The price appears to face obstacles of around $11.50-$11.60. It reflects the decreasing movement of the 1.236 Fib extension stage from the $10.71 swing high to the $7.18 low. It seems like a downside correction from the $11.50 level.
The previous breakout zone between the levels of $10.70 and $10.50 could serve as an effective support, on the downside. Any more declines could carry the price to the support zone of $9.00.
If a new rise in the DOT price begins, the resistance levels between $11.50 and $11.60 could quickly be visible. Near the $12.00 mark, the next big resistance on the upside may be.
A movement above $12.00 may open the doors for a steady upward step. The bulls could target at a test of the $15.00 range in the mentioned case.