Polkadot (DOT) explodes, reaches its highest price since May

On August 30, Polkadot (DOT) broke out of the $ 29 resistance area with considerable volume.

If the DOT manages to stay above this level, the next resistance target would be $ 41.35.

Parabolic ascent

Polkadot has been on the rise since July 20. It peaked at $ 29.35 on August 21, but fell almost immediately after being pushed back from the $ 29 resistance area.

However, it started another bullish move on August 30 and broke the $ 29 resistance area the next day. leak emerged with a considerable volume (green icon).

Although a bearish divergence is developing in the RSI, it has just moved above 70. Also, the MACD is still rising and the superstrend is bullish.

While there is no recognizable pattern, it is possible for the DOT to follow a parabolic ascending support line that coincides with the August 30 bullish superstore line (blue arrow).

next resistance zone is at $ 41.35. This is a horizontal area that also coincides with the Fibonacci retracement resistance level of 0.786. On the other hand, the $ 29 area should now act as support.

Cryptocurrency trader @Trader_XO outlined a DOT chart, indicating that the token is facing strong resistance at $ 28. As seen above, the DOT was initially pushed back from the area, but has since broken out. next resistance area outlined at $ 41 matches that of the previous chart.

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Like the USD pair, DOT / BTC has been moving higher since July 28. On August 31, it peaked at 69,000 satoshis.

Although it has declined since then, it is still trading above the 58,000 satoshi area, which should now serve as support.

Also, technical indicators are bullish. Both the MACD and the RSI are rising and the superstrend is bullish.

closest resistance area is at 72,000 satoshis. A break above this level could take the token up to 96,000 satoshi.

For the latest news from BeInCrypto bitcoin / »class =» autolink »target =» _ blank »> Bitcoin (BTC) analysis, click here.


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