DOT Sets Up For Fresh Surge Above $40: Price Analysis

DOT sets up for a fresh surge above $40 as it increased from the $28.00 support against the US dollar and it is continuously rising while the bulls seem to be eyeing an upside break above the $40 resistance so let’s take a closer look at today’s altcoin news.

DOT is holding the ground above the $35 level and the $36 level against the US dollar with the price trading nicely above the $35 support and the 100 simple moving average near the major bullish line that is forming with the support at $35.80 on the 4-hour charts of the DOT/USD pair. The pair could start a strong rally once it manages to clear the $39.50 and the resistance levels.
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After correcting to the $28, DOT started a new increase and recovered above the $30 and the $32 levels to move back into the positive zone. The bulls were able to push the price higher and the 100 simple moving average with the recent swing low forming near the $34.83 before the price climbed above the $36.00 and breaking above the 50% fib retracement level from the downwards movement of the $39.53 swing high to $34.83 low.

Polkadot’s DOT went on a new increase from the $28.00 support against the US dollar and it continued rising with the bulls seemingly eyeing for an upside break above the $40 resistance. DOT is holding the ground above the $35 and the $36 levels against the dollar so the price is now trading nicely above the $35 support and the 100 simple moving average. It recovered to move back into the positive zone as the bulls were able to push it above $53. The immediate resistance formed close to the $38 level and it is close to the 76.4% fib retracement level from the downwards move of $39.53 swing high to the $34.83 swing low.

DOT sets up to surge again but if it fails to continue higher above $40, there will be another fresh decline with the first key support nearing the $37.60 and the $37,50 level. The next major support is close to the $35.80 level with the bullish trend line but more losses could open the doors for a move towards the $32 support zone. The 4-hour MACD for the pair is gaining momentum in the bullish zone while the 4-hour RSI is well above the 50 levels.