Will the DOT price (Polkadot) rise continue?

🔥The Polkadot Exchange Rate against the US dollar is gradually breaking through the $6.80 resistance level. If the $7.28 resistance level is breached, the price will gain bullish momentum.

The DOT Exchange Rate against the US dollar began trading in the positive zone from the support level of $6.00.

THE PRICE IS TRADING NEAR THE $7.00 AREA AND THE 100 SIMPLE MA (4-HOUR).

On the 4-hour chart of the DOT/USD currency pair (data from Kraken), the price broke through the key bearish trend line with resistance near $6.50.

The pair is likely to continue to rise unless the Bear Market is able to hold the $7.28 resistance zone.

🔥 Dot prices have started to rise again

After a sustained decline, the DOT price found support near $6.00. After forming a low at $5.97, Polkadot recently started a new round of gains. The price was able to clear the resistance levels of $6.20 and $6.50, moving into positive territory like Bitcoin and Ethereum.

On the 4-hour chart of the DOT/USD currency pair, the price broke through the key bearish trend line with resistance near $6.50. The pair even broke through the 23.6% Fibo retracement level of the downward movement from the $8.58 swing high to the $5.97 low.

🔥DOT is currently trading near the $7.00 area and the 100 simple moving average (4-hour). The near-term resistance is near the $7.20 level. The next major resistance is near the $7.28 level, or the 50% Fibo retracement level of the downward movement from the $8.58 band high to the $5.97 low.

A successful break above $7.28 could open another strong rebound. In the above scenario, the price could easily rebound to $8.00 in the short term. The next major resistance is near the $8.50 level.

🔥 Technical Indicators

4-hour MACD - The MACD of DOT/USD is currently gaining momentum in the bullish zone.

4-hour RSI (Relative Strength Index) - The RSI for DOT/USD is currently above the 50 level.

Major support levels - $6.60, $6.00 and $5.65.

Major resistance levels - $7.28, $8.00 and $8.50.

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