💵 NewsBTC: $DOT Price Analysis
After forming a base above the $8.00 level, DOT price started a fresh rally. It gained over 20% in a few days and even outperformed Ethereum and Bitcoin at times.
There was a clear move above the $9.50 and $10.00 resistance levels. The price traded to a new multi-month high at $11.00 and is currently consolidating gains. There was a minor pullback below the $10.75 level. The price is still above the 23.6% Fib retracement level of the upward move from the $8.26 swing low to the $11.00 high.
DOT is now trading well above the $10.00 zone and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $9.10 on the 4-hour chart of the DOT/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $8.26 swing low to the $11.00 high.
Immediate resistance is near the $10.75 level. The next major resistance is near $11.00. A successful break above $11.00 could start another strong rally. In the stated case, the price could easily rally toward $12.00 in the near term. The next major resistance is seen near the $13.50 zone.
If DOT price fails to start a fresh increase above $11.00, it could start a downside correction. The first key support is near the $10.35 level.
The next major support is near the $10.00 level, below which the price might decline to $9.50. Any more losses may perhaps open the doors for a move toward the $9.20 support zone or the trend line.
