Polkadot (DOT) is correcting features from the $7.75 in opposition to the US Dollar. The worth might begin a contemporary enhance except there’s a shut under $6.30.
- DOT is consolidating features above the $6.60 assist zone in opposition to the US Dollar.
- The worth is buying and selling above the $6.65 zone and the 100 easy transferring common (4 hours).
- There is a key bullish pattern line forming with assist close to $6.65 on the 4-hour chart of the DOT/USD pair (information supply from Kraken).
- The pair might begin a contemporary enhance if the bulls defend the $6.65 and $6.30 assist ranges.
Polkadot Price Holds Ground
After forming a base above the $5.50 assist, DOT worth began a good enhance. The worth was capable of clear the $5.85 and $6.00 resistance ranges to maneuver right into a optimistic zone, like Bitcoin and Ethereum.
Polkadot even surpassed the $6.65 resistance zone and settled above the 100 easy transferring common (4 hours). Finally, the bears appeared close to the $7.75 zone. A excessive was fashioned close to $7.77 and the worth is now correcting features. There was a drop under the $7.20 and $7.00 ranges.
DOT declined under the 61.8% Fib retracement degree of the upward transfer from the $6.31 swing low to the $7.77 excessive. However, it’s nonetheless above the $6.65 zone and the 100 easy transferring common (4 hours).
There can also be a key bullish pattern line forming with assist close to $6.65 on the 4-hour chart of the DOT/USD pair. The pattern line is near the 76.4% Fib retracement degree of the upward transfer from the $6.31 swing low to the $7.77 excessive.
Source: DOTUSD on TradingView.com
Immediate resistance is close to the $7.05 degree. The subsequent main resistance is close to $7.20. A profitable break above $7.20 might begin one other robust rally. In the acknowledged case, the worth might simply rally towards $7.75 within the close to time period. The subsequent main resistance is seen close to the $8.00 zone.
More Losses in DOT?
If DOT worth fails to begin a contemporary enhance above $7.05, it might proceed to maneuver down. The first key assist is close to the $6.65 degree and the pattern line.
The subsequent main assist is close to the $6.30 degree, under which the worth may decline to $5.70. Any extra losses could maybe open the doorways for a transfer towards the $5.00 assist zone.
Technical Indicators
4-Hours MACD – The MACD for DOT/USD is now gaining momentum within the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now under the 50 degree.
Major Support Levels – $6.65, $6.30 and $5.70.
Major Resistance Levels – $7.05, $7.20, and $7.75.
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