Polkadot (DOT) Moves Above $20 After Sturdy Rebound

Polkadot (DOT) has been transferring upwards since July 20 and has reclaimed the $17.10 horizontal make stronger home.

DOT is rising alongside an ascending make stronger line, and the bullish pattern stays intact as long because it continues to achieve so.

DOT bounces

DOT has been rising since July 20, after it reached a low of $10.37. On Aug 1, it managed to dawdle above the $17.10 horizontal home and validated it as make stronger three days later. It has been rising since then, and has managed to reach a local excessive of $21.68.

Technical indicators in the day-to-day timeframe are bullish, supporting the continuation of the upward dawdle. Here is terribly evident in the MACD, which has crossed above the 0-line.

The closest resistance home is found at $30.10. This target is the 0.5 Fib retracement resistance stage.

Future motion

The six-hour chart affords combined readings.

On the bullish aspect, we can look for that DOT is following an ascending make stronger line and bounced from it on Aug 9 (crimson icon).

On the other hand, each the MACD and RSI have confidence generated bearish divergences (blue). Nonetheless, the latter has created a hidden bullish divergence (crimson), which used to be adopted by the aforementioned leap.

As a consequence of this reality, as long because the make stronger line is undamaged, DOT is extra more possible to continue rising.

The 2-hour chart also reveals that the decrease attributable to the divergence is already total.

After this, the MACD gave a bullish reversal signal and the RSI moved above 50.

If DOT reaches a contemporary local excessive, the first minor resistance stage might per chance be found at $23.45.

DOT/BTC

Cryptocurrency dealer @CryptoCapo_ outlined a DOT chart, mentioning that the associated payment is bouncing from the golden zone and that a bullish reversal might per chance be confirmed by a dawdle above 67,000 satoshis.

In the duration between July 12-29 (crimson circle), DOT/BTC gave the influence to have confidence broken down under the 45,000 satoshi resistance home.

On the other hand, it started an upward dawdle quickly afterwards and reclaimed the home on Aug 1. Here is an extremely bullish trend since deviations under such ranges are incessantly adopted by a foremost dawdle in the other route.

Here is also supported by technical indicators, specifically the RSI and MACD. The feeble has simply crossed above 50 while the latter has made a bullish tainted.

The closest resistance home is found at 57,500 satoshis.

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