Polkadot (DOT) rockets to highest price since May

On August 30, Polkadot (DOT) broke through the $29 resistance area on significant volume.

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If DOT manages to hold above this level, the next resistance target will be at $41.35

.

Polkadot

‘s

parabolic rise

has been

increasing since July 20. The altcoin

peaked at $29.35 on August 21, but fell almost immediately after being rejected by the $29 resistance area. Sponsored Sponsored

However, it initiated another upward move on August 30 and broke out above the $29 resistance area the next day. The breakout occurred on significant volume (green icon).

While there is a bearish divergence on the RSI, this indicator has just crossed the 70 level. Moreover, the MACD

continues to rise and the supertrend is bullish.

Although there is no clear pattern, it is possible that DOT is following a parabolic ascending support line that coincides with the bullish supertrend line from August 30 (blue arrow).

The next area of resistance is at the $41.35 level. This is a horizontal area that also coincides with the 0.786 Fib retracement resistance level. On the other hand, the $29 area is now expected to act as support.

Polkadot (DOT) rockets to highest price since MayDzienny wykres Polkadot DOT chart courtesy of Tradingview

Cryptocurrencytrader @Trader_XO outlined the DOT chart, stating that the token

faces strong resistance at the $28 level. As seen above, Polkadot was initially rejected by this area, but has since broken out. The next resistance area outlined at the $41 level coincides with the one on the previous chart. Polkadot (DOT) rockets to highest price since MayPolkadot (DOT) rockets to highest price since MaySource: Twitter

DOT/BTC

Like the USD pair, DOT/BTC has been moving upwards since July 28. It peaked at 69,000 satoshi on August 31.

Although it has been falling since then, it is still trading above ob

The 58,000 satoshi shar, which should now act as support.

Moreover, the technical indicators are bullish. Both MACD and RSI are rising and the supertrend is bullish.

The nearest resistance area is at the 72,000 satoshi level. A breakout above this level could take the token as high as 96,000 satoshi.

Polkadot (DOT) rockets to highest price since MayPara Polkadot/BitcoinDOT/BTC chart courtesy of Tradingview

For the latest analysis of Bitcoin (BTC) by BeInCrypto, click here.

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