DOT Price (Polkadot) Holds Strong At $6.6, Signs Point To Fresh Rally Ahead

Polkadot (DOT) is correcting good points from the $7.75 in opposition to the US Greenback. The worth might begin a recent enhance except there’s a shut under $6.30.

• DOT is consolidating good points above the $6.60 help zone in opposition to the US Greenback.
• The worth is buying and selling above the $6.65 zone and the 100 easy shifting common (4 hours).
• There’s a key bullish development line forming with help close to $6.65 on the 4-hour chart of the DOT/USD pair (knowledge supply from Kraken).
• The pair might begin a recent enhance if the bulls defend the $6.65 and $6.30 help ranges.

Polkadot Worth Holds Floor

After forming a base above the $5.50 help, DOT value began a good enhance. The worth was in a position to clear the $5.85 and $6.00 resistance ranges to maneuver right into a constructive zone, like Bitcoin and Ethereum.

Polkadot even surpassed the $6.65 resistance zone and settled above the 100 easy shifting common (4 hours). Lastly, the bears appeared close to the $7.75 zone. A excessive was fashioned close to $7.77 and the value is now correcting good points. 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. Nevertheless, it’s nonetheless above the $6.65 zone and the 100 easy shifting common (4 hours).

There may be additionally a key bullish development line forming with help close to $6.65 on the 4-hour chart of the DOT/USD pair. The development line is near the 76.4% Fib retracement degree of the upward transfer from the $6.31 swing low to the $7.77 excessive.

Supply: DOTUSD on TradingView.com

Instant resistance is close to the $7.05 degree. The following main resistance is close to $7.20. A profitable break above $7.20 might begin one other robust rally. Within the said case, the value might simply rally towards $7.75 within the close to time period. The following main resistance is seen close to the $8.00 zone.

Extra Losses in DOT?

If DOT value fails to start out a recent enhance above $7.05, it might proceed to maneuver down. The primary key help is close to the $6.65 degree and the development line.

The following main help is close to the $6.30 degree, under which the value may decline to $5.70. Any extra losses might maybe open the doorways for a transfer towards the $5.00 help zone.

Technical Indicators

4-Hours MACD – The MACD for DOT/USD is now gaining momentum within the bearish zone.

4-Hours RSI (Relative Power Index) – The RSI for DOT/USD is now under the 50 degree.

Main Help Ranges – $6.65, $6.30 and $5.70.

Main Resistance Ranges – $7.05, $7.20, and $7.75.

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