Sunday, March 7, 2021
pool-ads
Home Latest News Altcoins Polkadot Surges 35%

Polkadot Surges 35%

After breaking the $10.00 resistance against the US Dollar, Polkadot's DOT began a powerful rally. This week, it is up over 35 percent, and it outperformed Bitcoin.

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.

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

Sourcenewsbtc

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
magazine-ads

Must Read

Cardano Multi-Asset ‘Mary’ Update Launches to Mainnet

0
Cardano announced the successful network update late Monday, March 1, calling it a key achievement in its continuing rollout. The update also includes key Goguen features...