DOT Price (Polkadot) Indicators Suggest Strong Case For Fresh Rally

Jan 25, 2023 08:00 am Cryptocurrency 118

Polkadot’s DOT started a fresh increase from the $5.60 support against the US Dollar. It correcting gains, but indicators suggest high chances of a fresh increase.

DOT is holding the ground above the $6.00 and $5.80 levels against the US dollar.

The price is trading nicely above the $6.00 support and the 100 simple moving average (4-hours).

There is a major bullish trend line forming with support near $6.05 on the 4-hours chart of the DOT/USD pair (data source from Kraken).

The pair could start a strong rally once it clears the $6.40 and $6.50 resistance levels.

Polkadot’s DOT Eyes Fresh Rally

After forming a base above the $5.60 zone, DOT price started a fresh increase. It climbed above the $5.80 and $6.00 levels to move back into a positive zone.

The bulls were able to push the price above the $6.50 level and 100 simple moving average (4-hours). The price traded as high as $6.82 and recently started a downside correction, similar to price polkadot indicators suggest strong fresh rally