Polkadot (DOT) is gaining pace above the $6.80 resistance against the US Dollar. The price could gain bullish momentum if it clears the $7.28 resistance.
- DOT is trading in a positive zone from the $6.00 support against the US Dollar.
- The price is trading near the $7.00 zone and the 100 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $6.50 on the 4-hour chart of the DOT/USD pair (data source from Kraken).
- The pair could continue to rise unless the bears are able to defend the $7.28 resistance zone.
Polkadot Price Restarts Increase
After a steady decline, DOT price found support near the $6.00 zone. A low was formed at $5.97 and Polkadot recently started a fresh increase. The price was able to clear the $6.20 and $6.50 resistance levels to move into a positive zone, like Bitcoin and Ethereum.
There was a break above a key bearish trend line with resistance near $6.50 on the 4-hour chart of the DOT/USD pair. The pair even surpassed the 23.6% Fib retracement level of the downward move from the $8.58 swing high to the $5.97 low. DOT is now trading near the $7.00 zone and the 100 simple moving average (4 hours). Immediate resistance is near the $7.20 level. The next major resistance is near $7.28 or the 50% Fib retracement level of the downward move from the $8.58 swing high to the $5.97 low.