Polkadot (DOT) consolidated positive factors above the $7.40 space towards the US Greenback. If the resistance at $7.70 is exceeded, the worth might rise once more.
- DOT moved larger and examined resistance at $7.70 towards the US Greenback.
- The worth is buying and selling above the $7.20 space and the 100 hourly easy transferring common.
- There’s a key bullish development line forming with assist at $7.40 on the hourly chart of the DOT/USD pair (Knowledge supply: Kraken).
- If it fails to carry above the $7.20 assist, the pair is more likely to proceed rising.
Polkadot worth stays supportive
DOT worth began rising sharply after forming a base above $6.80. It broke many obstacles close to $7.20 and even surged above $7.65. A excessive was shaped at $7.69 and the worth is now consolidating positive factors, similar to Ethereum and Bitcoin.
It fell under the $7.50 assist space. The worth fell under the 23.6% Fib retracement stage of the swing low of $6.91 to excessive of $7.69.
DOT is presently buying and selling above the $7.20 space and the 100 easy transferring common (4-hours). There may be additionally a key bullish development line forming with assist at $7.40 on the hourly chart of the DOT/USD pair. Fast resistance is close to $7.70.
The following main resistance is close to $7.80. A profitable transfer above $7.80 might set off one other sturdy rally. Within the above state of affairs, the worth might simply rise to $8.20 within the brief time period. The following main resistance is close to the $8.50 space.
Are there any extra downsides to DOT?
If DOT worth fails to rise once more above $7.70, the decline is more likely to proceed. The primary key assist is close to the $7.40 stage and development line.
The following main assist is close to $7.30 and the 100 easy transferring common (4-hours) or the 50% Fib retracement stage of the upward transfer from the $6.91 swing low to the $7.69 excessive, under which the worth might decline. It fell to $7.00. Any extra losses might open the door in direction of the $6.90 assist zone or $6.80.
Technical indicators
Hourly MACD – The MACD for DOT/USD is presently gaining momentum within the bullish zone.
Hourly RSI (Relative Energy Index) – The RSI for DOT/USD is presently above the 50 stage.
Main assist ranges – $7.40, $7.30 and $7.10.
The principle resistance ranges – $7.70, $7.80 and $8.20.
