Polkadot (DOT) tops $ 20 after strong bounce

Polkadot (DOT) has moved higher since July 20 and has regained the horizontal support area of ​​$ 17.10.

DOT is rising along with an ascending support line and the uptrend remains intact as long as it continues to do so.

DOT bounces

DOT has been rising since July 20, after hitting a low of $ 10.37. On August 1, it managed to break out of the horizontal area of ​​$ 17.10 and validated it as support three days later. Since then, it has been on the rise, reaching a local high of $ 21.68.

Technical indicators on the daily time frame are bullish, supporting the continuation of the bullish move. This is especially noticeable in the MACD, which crossed the 0 line.

closest resistance area is at $ 30.10. This target is the 0.5 Fib Retracement Resistance Level.

TradingView DOT Chart

Future movement

six hour chart offers mixed readings.

On the bullish side, we can see that the DOT is following an ascending support line and bounced off it on Aug 9 (red icon).

However, both the MACD and the RSI have generated bearish divergences (blue). However, the latter created a hidden bullish divergence (red), which was followed by the aforementioned bounce.

refore, as long as the support line is intact, the DOT is more likely to continue rising.

TradingView DOT Chart

two-hour chart also shows that the decline due to divergence is already complete.

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Subsequently, the MACD gave a bullish reversal signal and the RSI moved above 50.

If the DOT reaches a new local high, the first minor resistance level will be at $ 23.45.

TradingView DOT Chart

DOT / BTC

Cryptocurrency trader @CryptoCapo_ outlined a DOT chart, indicating that the price is bouncing off the gold zone and that a bullish reversal would be confirmed by a move above 67,000 satoshi.

Source:

In the July 12-29 period (red circle), the DOT / BTC appeared to have fallen below the 45,000 satoshi resistance area.

However, it began an upward movement shortly after and regained the area on August 1. This is an extremely bullish development, as deviations below these levels are often followed by a significant move in the opposite direction.

This is also supported by technical indicators, in particular RSI and MACD. former just crossed 50 while the latter made a bullish crossover.

closest resistance area is at 57,500 satoshi.

TradingView DOT Chart

For the latest bitcoin (BTC) analysis from BeInCrypto, click here.

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