DOT Price (Polkadot) Holds Strong At $6.6, Signs Point To Fresh Rally Ahead
18 Dezember 2023 - 6:48AM
NEWSBTC
Polkadot (DOT) is correcting gains from the $7.75 against the US
Dollar. The price could start a fresh increase unless there is a
close below $6.30. DOT is consolidating gains above the $6.60
support zone against the US Dollar. The price is trading above the
$6.65 zone and the 100 simple moving average (4 hours). There is a
key bullish trend line forming with support near $6.65 on the
4-hour chart of the DOT/USD pair (data source from Kraken). The
pair could start a fresh increase if the bulls protect the $6.65
and $6.30 support levels. Polkadot Price Holds Ground After forming
a base above the $5.50 support, DOT price started a decent
increase. The price was able to clear the $5.85 and $6.00
resistance levels to move into a positive zone, like Bitcoin and
Ethereum. Polkadot even surpassed the $6.65 resistance zone and
settled above the 100 simple moving average (4 hours). Finally, the
bears appeared near the $7.75 zone. A high was formed near $7.77
and the price is now correcting gains. There was a drop below the
$7.20 and $7.00 levels. DOT declined below the 61.8% Fib
retracement level of the upward move from the $6.31 swing low to
the $7.77 high. However, it is still above the $6.65 zone and the
100 simple moving average (4 hours). There is also a key bullish
trend line forming with support near $6.65 on the 4-hour chart of
the DOT/USD pair. The trend line is close to the 76.4% Fib
retracement level of the upward move from the $6.31 swing low to
the $7.77 high. Source: DOTUSD on TradingView.com Immediate
resistance is near the $7.05 level. The next major resistance is
near $7.20. A successful break above $7.20 could start another
strong rally. In the stated case, the price could easily rally
toward $7.75 in the near term. The next major resistance is seen
near the $8.00 zone. More Losses in DOT? If DOT price fails to
start a fresh increase above $7.05, it could continue to move down.
The first key support is near the $6.65 level and the trend line.
The next major support is near the $6.30 level, below which the
price might decline to $5.70. Any more losses may perhaps open the
doors for a move toward the $5.00 support zone. Technical
Indicators 4-Hours MACD – The MACD for DOT/USD is now gaining
momentum in the bearish zone. 4-Hours RSI (Relative Strength Index)
– The RSI for DOT/USD is now below the 50 level. Major Support
Levels – $6.65, $6.30 and $5.70. Major Resistance Levels – $7.05,
$7.20, and $7.75.
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