📈 Polkadot (DOT) is consolidating gains above the $7.40 zone against the US Dollar. It could start another increase if it clears the $7.70 resistance. 🚀
- DOT gained pace and tested the $7.70 resistance level.
- The price is trading above the $7.20 zone and the 100-hourly simple moving average. 📊
- There’s a key bullish trend line forming with support at $7.40 on the hourly chart of the DOT/USD pair (data from Kraken).
- The pair could continue to rise if it stays above the $7.20 support.
Polkadot Price Holds Support 💪
After forming a base above $6.80, DOT started a decent increase. It broke many hurdles near $7.20 and spiked above $7.65, forming a high at $7.69. The price is now consolidating gains, similar to Ethereum and Bitcoin.
There was a move below the $7.50 support zone, dipping under the 23.6% Fib retracement level of the upward move from the $6.91 low to the $7.69 high.
DOT is trading above $7.20 and the 100 SMA (4 hours). There’s a bullish trend line with support at $7.40 on the hourly chart. Immediate resistance is near $7.70.
The next major resistance is near $7.80. A break above $7.80 could spark a strong 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 fails to rise above $7.70, it could move down. The first key support is near $7.40 and the trend line.
The next major support is near $7.30 and the 100 SMA (4 hours) or the 50% Fib retracement level of the upward move from $6.91 to $7.69, below which the price might decline to $7.00. More losses could open the doors for a move toward $6.90 or $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.
Major Support Levels – $7.40, $7.30, $7.10.
Major Resistance Levels – $7.70, $7.80, $8.20
#CryptoWatchMay2024 #dotcoin #tradingtechnique #icryptobob #CryptoNewss
