s price polka dot (DOT) showed strength against Tether (USDT) after bouncing off a key support level on the weekly chart.
back Bitcoin (BTC) bounces back From a monthly low of $19,000, this marked a relief for other crypto altcoins, including the price of Polkadot. (Data feed from Binance)
Polkadot price analysis on weekly (1W) charts
Looking at the chart, DOT’s price has formed support at a weekly low around $6.50.
The price has built more momentum as it faces resistance at $10.
Breaking the $10 mark, the price of DOT will rebound to $12.
If DOT prices on the weekly chart fail to break the $10 mark, a retest will be tied at $8.62.
The weekly RSI for DOT prices was 36, indicating more buying after the weekly low bottomed.
Volume shows good bids and bids, which will push the price of DOT higher.
Weekly resistance for DOT price – $10.
Weekly support for DOT price – $6.50.
Polkadot Price Analysis on Daily (1D) Charts
The price of DOT found strong support around $6.50, which appears to be a bottom on the daily chart.
DOT continued to rally to a high of $9 above the $6.50 support area, where it encountered resistance.
At the time of writing, DOT is priced at $8.40; it is trading above the 50 and 200 exponential moving average (EMA)
The 50 and 200 EMAs at $8.20 and $8, respectively, will act as support for DOT prices in case it falls due to the weekend sell-off.
If the 50 and 200 EMA areas fail to hold the price, $7.92 would be a good support to keep the sell-off and DOT price likely to bounce back.
With more buying, we could see DOT price retest at $9.18, which has been acting as resistance on the daily chart.
The RSI for DOT price on the daily chart is above 60, indicating healthy buying in DOT.
Volume on the daily time frame is a positive sign that DOT price is trending higher.
Daily (1D) resistance for DOT price – $9.18, $10.
Daily (1D) support for DOT prices – $7.92, $7.55, $7.20.
Polkadot Price Analysis on Four-Hour (4H) Chart
DOT is showing strong strength on the 4H chart after bouncing off support.
After rejecting DOT at $9.10, tHis price fell to the 50 EMA mark at $7.95, which formed a good support amid the sell-off in DOT price.
DOT is trading at $8.47 on the 4-hours chart, above the 50 and 200 EMAs, safe haven Bouncing off the $6.50 low.
The price has formed a trend line, which acts as a resistance for DOT price, which will only fail when the price falls below the trend line.
Four-hour (4H) resistance for DOT price – $9.10, $10.
Four-hour (4h) support for DOT prices – $7.95, $7.67
Featured image from zipmex, Charts from TradingView.com