As a researcher with experience in the cryptocurrency market, I believe that Polkadot (DOT) is showing signs of consolidating its gains above the $7.40 zone against the US Dollar. The price action suggests that DOT could be preparing for another potential increase if it manages to clear the $7.70 resistance level.
Polkadot (DOT) is consolidating gains above the $7.40 zone against the US Dollar. The price could start another increase if it clears the $7.70 resistance.
- DOT gained pace and tested the $7.70 resistance level against the US Dollar.
The price is trading above the $7.20 zone and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $7.40 on the hourly chart of the DOT/USD pair (data source from Kraken).
The pair could continue to rise if it fails to stay above the $7.20 support.
Polkadot Price Holds Support
Following its establishment of a foundation above the $6.80 mark, the DOT price began to climb steadily. It surmounted numerous obstacles around $7.20 and even peaked beyond $7.65. A peak was reached at $7.69, and currently, the price is in the process of consolidating its gains, similar to Ethereum and Bitcoin.
The price dipped under the $7.50 mark, which serves as a support level. It fell beneath the 23.6% Fibonacci retracement threshold of the previous uptrend from $6.91 to $7.69.
The price of DOT has risen above the $7.20 mark and the 100-period simple moving average on the 4-hour chart. Additionally, a significant bullish trend line is emerging on the hourly chart for DOT/USD, with a support level at $7.40. The next resistance point can be found around $7.70.
If we surpass the $7.80 mark in the upcoming phase, there’s a high likelihood of another robust price surge. In such an instance, the stock price might advance towards $8.20 fairly quickly. The next substantial resistance level is anticipated around the $8.50 region.
More Downsides in DOT?
If the price of DOT doesn’t rise beyond $7.70 for a new uptrend, it may instead head lower. The initial support lies around $7.40 and the trendline.
One way to rephrase the given text in natural and easy-to-read language is:
Technical Indicators
Hourly MACD – The MACD for DOT/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level.
Major Support Levels – $7.40, $7.30 and $7.10.
Major Resistance Levels – $7.70, $7.80, and $8.20.
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2024-05-23 06:04