DOT Price (Polkadot) Surge to $5.5 – Are Bulls Ready For This?

Polkadot (DOT) is moving above the $4.50 resistance against the US Dollar. The price could rise as high as $5.5 if it breaks through the $4.80 resistance.

• DOT is slowly moving above the $4.50 resistance zone against the US Dollar.
• The price is trading above the $4.60 area and the 100 simple moving average (4-hours).
• A key bullish trendline is forming with support near $4.50 on the 4-hour chart of DOT/USD (data source from Kraken).
• The pair could gain bullish momentum if the close is above $4.80 and $4.85.

Polkadot price regains strength

After forming a base above the $4.00 mark, DOT price began a decent increase. The price was able to break the key barrier at $4.20 to enter a positive zone, as Bitcoin And Ethereum.

Polkadot broke through the $4.50 resistance zone and the 100 simple moving average (4-hours). It hit a new multi-week high at $4,803 and is now consolidating its gains. It is well above the 23.6% Fibonacci retracement level of the upward move from the $4.046 low to $4.803 high.

DOT price is now trading above the $4.60 area and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $4.50 on the 4-hour chart of the DOT/USD pair. The trendline is near the 50% Fibonacci retracement level of the upward move from the $4.046 low to $4.803 high.

Source: DOTUSD on TradingView.com

Immediate resistance is near the $4.80 level. The next major resistance is near $4.85. A successful break above $4.85 could trigger another strong rally. In the case mentioned, the price could easily rise towards $5.20 in the coming days. The next major resistance lies near the $5.50 area.

Are dips supported in DOT?

If DOT price fails to continue above $4.80 or $4.85, it could trigger a downward correction. The first key support is near the $4.62 level.

The next major support lies near the $4.50 level and the trendline, below which the price could decline to $4.35. Further losses could perhaps open the door for a move towards the $4.20 support zone.

Technical indicators

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

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

Key support levels – $4.62, $4.50 and $4.20.

Major resistance levels – $4.80, $4.85 and $5.50.