-Polkadot (dot) is consolidating above the 7.40 area against the US dollar. If it overcomes the 7.70 resistance, the price could start a new rise.
The #dot pair accelerated the movement and tested the resistance7.70 level against the US dollar.
The price is trading above the mentioned 7.20 zone and the 100-hour simple moving average.
On the hourly chart of the DOT/USD pair (Kraken data source), a major bullish trend line has formed, supported by the 7.40 key.
If it fails to hold above the above support level of 7.20, the pair may continue to grow.
After forming a base above the 6.80 level, the dot price started to rise decently. It overcame many obstacles around 7.20 and rose above 77.65. The high was formed at $7.69 and the price is currently consolidating the rise, along with #MemeWatch2024 and #MemeWatch2024 .
Support 7.50 There was a move below the support zone. The price fell below the 23.6% Fibonacci retracement level, rising from a low of 6.91 to a high of 7.69.
The dot is currently trading above the above 7.20 zone and the simple moving average of 100 (4 hours). A major bullish trend line is also formed on the hourly chart of the DOT/USD pair with support at 7.40. The nearest resistance is near the level around 7.70.
The next major resistance is around the 7.80 level. A successful breakout to 7.80 could lead to another strong rise. In this case, the price could easily rise to 8.20 in the short term. The next major resistance is located at around 88.50.
Are there any more negative dots on the dots chart?
If the dot price fails to initiate a new rise above the 7.70 level, it could continue to move downward. The first major support is near the 7.40 level and the trend line.
The next major support is near 7.30, with a simple moving average of 100 (4 hours) or 50% Fibonacci retracement level up from the 6.91 low to the 7.69 high, below which price could fall to 7.70. Further losses could open the door for a move to the 6.90 or 6.80 support zone.
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