Polkadot Price Sets Sights on New Highs: DOT Bullish Momentum Building
23 Mai 2024 - 4:58AM
NEWSBTC
Polkadot (DOT) is consolidating gains above the $7.40 zone against
the US Dollar. The price could start another increase if it clears
the $7.70 resistance. DOT gained pace and tested the $7.70
resistance level against the US Dollar. The price is trading above
the $7.20 zone and the 100-hourly simple moving average. There is a
key bullish trend line forming with support at $7.40 on the hourly
chart of the DOT/USD pair (data source from Kraken). The pair could
continue to rise if it fails to stay above the $7.20 support.
Polkadot Price Holds Support After forming a base above the $6.80
level, DOT price started a decent increase. It broke many hurdles
near $7.20 and even spiked above $7.65. A high was formed at $7.69
and the price is now consolidating gains, like Ethereum and
Bitcoin. There was a move below the $7.50 support zone. The price
declined below the 23.6% Fib retracement level of the upward move
from the $6.91 swing low to the $7.69 high. DOT is now trading
above the $7.20 zone and the 100 simple moving average (4 hours).
There is also a key bullish trend line forming with support at
$7.40 on the hourly chart of the DOT/USD pair. Immediate resistance
is near the $7.70 level. The next major resistance is near $7.80. A
successful break above $7.80 could start another strong rally. In
the stated case, the price could easily rally toward $8.20 in the
near term. The next major resistance is seen near the $8.50 zone.
More Downsides in DOT? If DOT price fails to start a fresh increase
above $7.70, it could continue to move down. The first key support
is near the $7.40 level and the trend line. The next major support
is near the $7.30 and the 100 simple moving average (4 hours) or
the 50% Fib retracement level of the upward move from the $6.91
swing low to the $7.69 high, below which the price might decline to
$7.00. Any more losses may perhaps open the doors for a move toward
the $6.90 support zone or $6.80. Technical Indicators Hourly MACD –
The MACD for DOT/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOT/USD is now
above the 50 level. Major Support Levels – $7.40, $7.30 and $7.10.
Major Resistance Levels – $7.70, $7.80, and $8.20.
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