Polkadot (DOT) price is showing strength after recovering from key support on the weekly chart against Tether (USDT).
After Bitcoin (BTC) bounced off its monthly low of $19,000, it signaled some relief for other crypto altcoins, including Polkadot’s price. (Binance data feeds)
Polkadot price analysis on the weekly (1W) chart
Weekly chart analysis for the DOT price | Source: DOTUSDT On Tradingview.com
From the chart, DOT price hit a weekly low around $6.50 where it has formed support.
The price has built more momentum as it faces resistance at $10.
A break above $10 would see DOT’s price rally to $12.
If the price of DOT on the weekly chart fails to break through $10, a retest at $8.62 is in order.
The weekly Relative Strength Index for DOT price is 36, indicating more bids after hitting the weekly low.
The volume shows decent buy bids that will push the price of DOT higher.
Weekly resistance for DOT price – $10.
Weekly Support for DOT Price – $6.50.
Price analysis of Polkadot on the daily chart (1D).
Daily chart analysis for the DOT price | Source: DOTUSDT On Tradingview.com
The DOT price found strong support around $6.50 which appears to be the bottom on the daily chart.
DOT has continued to rally above this support region from $6.50 to a high of $9 where it has faced resistance.
DOT is priced at $8.40 at the time of writing; it trades above the 50 & 200 exponential moving averages (EMA).
The 50 & 200 EMA with prices at $8.20 and $8 respectively would serve as support for the DOT price should it fall due to weekend sell-offs.
If the 50 and 200 EMA region fails to hold the price, $7.92 would be good support to halt sell offs and a possible bounce in DOT price.
With more buy bids, we could see the price of DOT retesting at $9.18 which was resistance on the daily chart.
The RSI for the DOT price on the daily chart is above 60, indicating healthy bids on the DOT.
Volume for the intraday is pointing to positive signs of an uptrend in DOT prices.
Daily (1D) resistance for DOT price – $9.18, $10.
Daily (1D) support for DOT price – $7.92, $7.55, $7.20.
Polkadot price analysis on the four-hour chart (4 hrs).
DOT price analysis on the 4 hour chart | Source: DOTUSDT On Tradingview.com
DOT has shown great strength on the 4H chart after bouncing off its support.
After rejection in the price of DOT at $ 9.10, tThe price dropped to the 50 EMA at $7.95, which will provide good support in the event of a sell-off in DOT price.
DOT is trading at $8.47 above the 50 and 200 EMA on the 4 hour chart, Haven recovered from a low of $6.50.
The price has formed a trend line that is acting as resistance for the DOT price. This would only be invalid if the price falls below the trend line.
Four hourly (4H) resistance for DOT price – $9.10, $10.
Support for four hours (4 hours) for DOT price – $7.95, $7.67
Featured image by zipmex, charts by TradingView.com
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