🚀🚀🚀 #Polkadot Price Sets Sights on New Highs: $DOT Bullish Momentum Building
Polkadot (DOT) Consolidates Gains, Eyeing $7.70 Resistance
- Polkadot (DOT) is holding steady above the $7.40 zone against the US Dollar, consolidating its recent gains. The price may see another increase if it breaks through the $7.70 resistance level.
Key Points:
- DOT gained momentum, testing the $7.70 resistance against the US Dollar.
- The price is trading above the $7.20 zone and the 100-hourly simple moving average.
- A key bullish trend line with support at $7.40 is forming on the hourly chart of the DOT/USD pair (data source: Kraken).
- The pair could continue to rise if it remains above the $7.20 support.
Polkadot Price Analysis:
- After establishing a base above $6.80, DOT's price initiated a steady climb, breaking through multiple barriers near $7.20 and peaking above $7.65. It reached a high of $7.69 and is now consolidating gains, similar to #Ethereum and #bitcoin .
- DOT fell below the $7.50 support, dipping under the 23.6% Fib retracement level from $6.91 to $7.69. It is now trading above $7.20 and the 100 SMA (4 hours), with support at $7.40 on the hourly chart. Immediate resistance is at $7.70, with the next major resistance at $7.80. A break above $7.80 could trigger a rally to $8.20, with further resistance at $8.50.
Potential Downside:
- If DOT fails to surpass the $7.70 resistance, it might continue to decline. The first key support is near $7.40 and the trend line, with additional support around $7.30, the 100 SMA (4 hours), and the 50% Fib retracement level of the move from $6.91 to $7.69. A drop below these levels could see the price fall to $7.00, $6.90, or even $6.80.
Technical Indicators:
- Hourly MACD: The MACD for DOT/USD is gaining momentum in the bullish zone.
- Hourly RSI: The RSI for DOT/USD is above the 50 level.
- Support Levels: $7.40, $7.30, $7.10
- Resistance Levels: $7.70, $7.80, $8.20
Source - newsbtc.com
