DOT / USD – DOT breaks bearish 0.618 Fib.
Major support levels: $ 35.30, $ 32.55, $ 30.
Key Resistance Levels: $ 38.65, $ 40, $ 42.10.
The DOT rose above the resistance at USD 30 towards the end of August when it began rising higher in the first week of September, reaching the resistance at USD 35.30 (bearish 0.618 Fib). However, it failed to break that level and fell into the 200-day MA of around $ 27.50 during last week’s market crash.
Since then, DOT cemented support at the 200-day MA and started moving higher again. On Sunday it rose above $ 35.30 to close above the resistance. After a brief retracement to $ 32.50 yesterday, the DOT finally climbed well above $ 35.30 to hit nearly $ 38 today.
DOT / USD daily chart. Source: TradingView.
DOT-USD Short Term Price Prediction
Looking ahead, initial resistance is at $ 38.65 (1.618 Fib Extension). This is followed by $ 40, $ 42.10 (bearish 0.786 fib), $ 44 (1.272 fib extension) and $ 46.15 (bearish 0.886 fib retracement).
On the flip side, initial support is at $ 35.30. This is followed by $ 32.55 (0.236 Fib), $ 30 and $ 28.30 (0.382 Fib and 200-day MA).
The RSI is rising, suggesting that bullish momentum is increasing. It’s also not overbought, which means the buying can continue.
DOT / BTC bulls break the ascending price channel
Major support levels: 0.0007465 BTC, 0.0007 BTC, 0.0009 BTC.
Key resistance levels: 0.00085 BTC, 0.0008765 BTC, 0.0009 BTC.
DOT also does well against BTC after turning parabolic by breaking out through an ascending price channel. It has been trading within this price channel since support was established at 0.00035 BTC in late July.
In August it rose within the price channel, initially hitting a high of 0.0006 BTC. At the beginning of September, the DOT even hit 0.0006860 BTC (bearish 0.5 Fib). That resistance was broken over the weekend when the cryptocurrency first peaked above the price channel on Monday. Today it continued above the price channel, breaking 0.00081 BTC.
DOT / BTC daily chart. Source: TradingView.
DOT-BTC short term price prediction
If buyers keep looking up, the initial resistance is at 0.00085 BTC. This is followed by 0.0008765 BTC (bearish 0.786 Fib), 0.0009 BTC, 0.000943 BTC (bearish 0.886 Fib) and 0.0001 BTC.
On the other hand, the first support lies in the ascending price channel. This is followed by 0.0007465 BTC (0.236 Fib), 0.0007 BTC, 0.000686 BTC and 0.000639 BTC (0.5 Fib).
The RSI is near an extremely overbought condition, suggesting that buyers may be a little overbought.
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