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Polkadot's DOT Starts Fresh Increase, Bulls Aiming for $6.50

  • 25. January 2023 at 17:07

• Polkadot’s DOT has started a fresh increase from its $5.60 support against the US Dollar.
• The price is trading nicely above the $6.00 support and the 100 simple moving average (4-hours).
• The pair could start a strong rally once it clears the $6.40 and $6.50 resistance levels.

Polkadot’s digital token DOT has started a fresh increase from its $5.60 support against the US Dollar. The bulls were able to push the price above the $6.50 level and the 100 simple moving average (4-hours). Currently, the price is trading nicely above the $6.00 support, indicating that the bulls are in control.

The buyers have been trying to push the price above the $6.50 resistance level. However, the bulls have been struggling to gain momentum above the $6.50 level. Recently, there was a move below the 50% Fib retracement level of the upward move from the $5.59 swing low to $6.82 high. The bulls are protecting the $6.15 support zone and the 61.8% Fib retracement level of the upward move from the $5.59 swing low to $6.82 high.

There is also a major bullish trend line forming with support near $6.05 on the 4-hours chart of the DOT/USD pair. The bulls are also protecting the $6.00 support and the 100 simple moving average (4-hours). An immediate resistance is near the $6.40 level. If the bulls can break the $6.40 and $6.50 resistance levels, the price could start a strong rally. The next key resistances are near $6.65 and $6.80.

On the downside, the $6.15 support zone is an initial support. If the price fails to stay above the $6.15 support, there is a risk of a downside break below the $6.00 support. The next key support is near the $5.60 level, below which the price could slide sharply towards the $5.00 support level.

Overall, DOT is trading with a positive bias above the $6.00 support. The bulls could gain strength once they break the $6.40 and $6.50 resistance levels. However, a clear break below the $6.00 support could lead to a strong decline towards the $5.60 or $5.00 support levels.