By Adeline Gibbs (Italy)
Briefly –
- DOT managed to reclaim the horizontal support at $17.10.
- Polkadot trades inside ascending support.
- DOT/BTC reclaimed the satoshi level at 45,000.
Polkadot (DOT) has traded in upwards moves since 20 July to reclaim the horizontal support zone at $17.10.
The alt has been increasing within a climbing support line. If the altcoin extends such moves, the bullish narrative will remain intact.
Polkadot Bounces
DOT has seen its price surging since 20 July after the dips that had it at $10.37. On 1 August, the coin moved over the horizontal at $17.10, using the level as support after three days. The alternative crypto has increased since then, claiming a local high at $21.68.
Technical indicators suggest bullishness, affirming extended upside moves. Meanwhile, the MACD crossed over the zero (0) line.
The asset has its nearest resistance at $30.10 for now. That is also the .5 Fibonacci retracement resistance point.
Future Movements
The 6-hour price chart indicates mixed readings.
As far as bullishness is concerned, DOT follows uphill support and bounces off it on 9 August.
Also read:Meanwhile, the Moving Average Convergence Divergence and Relative Strength Indicator show bearishness. However, the RSI formed a somewhat bullish divergence, followed by the bounce mentioned above.
As long as DOT maintains its support, the chances for extended rallies will magnify.
The 2-hr chart indicates that losses from the divergences are complete. After that, the MACD showed bullishness reversal, and the Relative Strength Index was above 50.
If Polkadot claims another local high, $23.45 will serve as its initial minor resistance area.
DOT/BTC
According to the DOT chart by CryptoCapo, a crypto trader, the alt’s price bounces from the golden level. Moreover, a move over 67,000 satoshis will confirm a bullish reversal.
DOT/BTC appears to break down beneath the resistance area at 45,000 satoshis between 12 July and 29 July.
However, gradual recoveries had it reclaiming the zone on 1 August. That translates to a massive bullish thesis since losses beneath such zones are accompanied by a substantial move towards the other direction.
The MACD made a bull cross as RSI moved over 50 to confirm the bullish narrative.
The nearest resistance area lies at 57,500 SAT.
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