After establishing a base above the $7.50 level, DOT price has embarked on a steady upward trajectory. Surging over 25% in just a few days, it has even outperformed Ethereum and Bitcoin on several occasions.
The bullish momentum was evident as the price surged above the $8.50 and $8.80 resistance levels, almost touching the $10.00 mark.
Setting a new multi-week high near $9.89, the price is now consolidating its gains. Maintaining its position above the 23.6% Fib retracement level of the recent upward swing from the $8.57 swing low to the $9.89 high, DOT is currently trading above the $9.00 zone and the 100 simple moving average (4 hours).
A significant bullish trend line is taking shape with support at $9.20 on the 4-hour chart of the DOT/USD pair. This trend line closely aligns with the 50% Fib retracement level of the recent upward move, further bolstering the support.
Immediate resistance is anticipated near the $9.85 level, with the next major resistance lying at $10.00. A successful breach of the $10.00 mark could potentially ignite another robust rally, propelling the price towards $12.00 in the near term. Further upward momentum could push the price to test the $13.50 resistance zone.
In the event of a downward correction, DOT price is likely to find initial support near the $9.50 level. Subsequently, the $9.20 level becomes a crucial support zone, followed by $8.80. Further losses could see the price testing the $8.50 support zone.