page contents Polkadot (DOT) surges 35% to a record high above $12.00 – The News Headline

Polkadot (DOT) surges 35% to a record high above $12.00

DOT/USD broke above a an important horizontal resistance degree at $10.five earlier than surging to $12.20

Polkadot (DOT) has surged to a file prime of $12.20 and appears prone to prolong its positive aspects past $14.00 in coming periods. DOT is up via greater than 35% previously 24 hours and lately trades round $12.07 on Kraken on the time of writing.

The robust rally follows a spoil above a key horizontal resistance line at $10.50, which allowed bulls to construct momentum above $11.00 and push upper.

The uptrend noticed Polkadot climb into the 5th spot a number of the greatest cryptocurrencies via marketplace cap. On the time of writing, it has a marketplace cap of $10.nine billion, at the back of suffering XRP that lies fourth with a marketplace cap of $13.three billion.

DOT/USD

DOT/USD has posted upper highs since its uptrend started after it dumped to lows of $7.20. As soon as bulls controlled to retest and effectively broke above the $eight.50 degree, they centered the$nine.00 pivot degree.

At the Four-hour chart, DOT/USD controlled to wreck above a descending pattern line and the 61.eight% Fibonacci retracement degree of the downward transfer from $10.70 prime to $7.20 low. The degrees had capped costs close to $nine.38, however turning it into enhance allowed bulls to focus on and retest the 76.Four% Fib retracement degree at $nine.90.

The upside additionally incorporated a spoil above a horizontal resistance line at $10.50, with bulls surging to the all time prime of $12.20.

DOT/USD Four-hour chart. Supply: TradingView

These days, bulls wish to maintain momentum above the 123.6% Fibonacci extension degree ($11.59) at the Four-hour chart. The RSI remains to be emerging however has no longer prolonged into the overbought territory, and the MACD is appearing power within the bullish zone.

Those positives give bulls the benefit, with resistance prone to check bulls’ get to the bottom of across the 161.eight% Fibonacci degree at $12.96.

If DOT worth positive aspects contemporary momentum above this degree, an impulse spoil to the 200% Fibonacci degree at $14.32 may just transparent the trail to $17.00. Bulls have the possible to journey a bullish wave within the altcoin marketplace, with a spoil to the coveted $20.00 degree most likely within the brief time period.

At the problem, a rejection may just see DOT/USD drop to the preliminary enhance zone close to $11.17 after which to the horizontal line at $10.50. Must consumers settle for extra losses, the 100-SMA (Four-hour chart) at $nine.00 supplies a an important anchor.

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