Polkadot Price Hits New High: DOT Bullish Momentum is Gaining 🔥🔥🔥

Polkadot (DOT) pair is consolidating gains above $7.40. The price is likely to rise again if it breaks above the $7.70 resistance.

DOT rose and tested the $7.70 resistance. The price is trading above the $7.20 area and the 100 hourly simple moving average. A key bullish trend line is forming with support at $7.40 on the hourly chart. The pair is likely to continue to rise if it fails to stay above the $7.20 support.

Polkadot Price Finds Support

After forming a base above $6.80, DOT price started a sharp increase. It broke many hurdles near $7.20 and even surged above $7.65. A high was formed at $7.69 and the price is currently consolidating gains, just like Ethereum and Bitcoin.

It fell below the $7.50 support area. The price declined below the 23.6% Fib retracement level of the swing low of $6.91 to $7.69 high.

DOT is currently trading above the $7.20 area and the 100 simple moving average (4-hours). There is also a key bullish trend line forming on the hourly chart with support at $7.40. An immediate resistance is near the $7.70 level.

The next major resistance is near the $7.80 level. A successful break above $7.80 could trigger another strong rally. In such a case, the price could easily rally to $8.20 in the near term. The next major resistance is near the $8.50 area.

Are there more downsides for DOT?

If the DOT price fails to break above $7.70, it is likely to continue its decline. The first key support is near the $7.40 level and the trendline.

The next major support is near $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 $7.69 high, below which the price could drop to $7.00. Any more losses could open the doors for a move towards the $6.90 support area or $6.80.

Technical Indicators

Hourly MACD – The MACD for DOT/USD is currently gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOT/USD is currently above the 50 level.

Main support levels – $7.40, $7.30 and $7.10.

Main resistance levels – $7.70, $7.80 and $8.20.

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