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- Polkadot surpasses the $4.50 resistance, signaling a positive trend.
- Trading above $4.60, DOT eyes $5.50 with support at $4.50.
- Key support levels at $4.62, $4.50, and $4.20 are reinforced by bullish MACD and RSI indicators.
Polkadot (DOT) has embarked on a notable ascent, breaching key resistance levels and setting its sights on the coveted $5.50 milestone. The rally commenced with Polkadot’s successful breach of the $4.50 resistance, a crucial turning point that initiated a positive trend.
As it surged past this hurdle, DOT soared to a new multi-week high of $4.803, underscoring the cryptocurrency’s newfound strength and market appeal. Currently, Polkadot is trading comfortably above the $4.60 zone, reinforcing its potential to reach the $5.50 milestone.
What’s particularly encouraging is the presence of a key bullish trend line that has formed with support near the $4.50 mark. This trend line, coupled with the 100 simple moving average over a four-hour period, provides additional reassurance to investors.
In addition to these technical indicators, the Moving Average Convergence Divergence (MACD) for DOT/USD has entered the bullish zone, signifying a notable gain in momentum. The Relative Strength Index (RSI) has also gone above the 50 level, confirming the cryptocurrency’s current strength and potential for further gains.
While the cryptocurrency charts its course towards these ambitious goals, it’s essential to acknowledge the presence of key support levels that will safeguard against potential downward corrections. These support levels, namely $4.62, $4.50, and $4.20, serve as pillars of strength, providing a safety net for Polkadot’s price, thus ensuring that any setbacks remain within manageable boundaries.