Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

DOT Price (Polkadot) Reaches Key Juncture, Is This Bulls Trap or Correction?

Share This Post

Polkadot (DOT) is correcting gains from the $7.5 resistance against the US Dollar. The price could start another increase if it stays above the $6.75 support.

  • DOT gained pace and tested the $7.5 resistance level against the US Dollar.
  • The price is trading above the $7.00 zone and the 100 simple moving average (4 hours).
  • There is a short-term expanding triangle forming with resistance at $7.50 on the 4-hour chart of the DOT/USD pair (data source from Kraken).
  • The pair could continue to decline if it fails to stay above the $6.75 support.

Polkadot Price Holds Support

After forming a base above the $6.00 level, DOT price started a decent increase. It broke many hurdles near $6.75 and even spiked above $7.25. A high was formed at $7.46 and the price is now correcting gains, like Ethereum and Bitcoin.

There was a move below the $7.25 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $6.03 swing low to the $7.46 high.

DOT is now trading above the $7.00 zone and the 100 simple moving average (4 hours). Immediate resistance is near the $7.25 level. The next major resistance is near $7.50. There is also a short-term expanding triangle forming with resistance at $7.50 on the 4-hour chart of the DOT/USD pair.

DOT Price (Polkadot)

Source: DOTUSD on TradingView.com

A successful break above $7.50 could start another strong rally. In the stated case, the price could easily rally toward $8.00 in the near term. The next major resistance is seen near the $8.80 zone.

More Downsides in DOT?

If DOT price fails to start a fresh increase above $7.25, it could continue to move down. The first key support is near the $7.00 level and the 100 simple moving average (4 hours).

The next major support is near the $6.75 level or the 50% Fib retracement level of the upward move from the $6.03 swing low to the $7.46 high, below which the price might decline to $6.50. Any more losses may perhaps open the doors for a move toward the $6.10 support zone or $6.00.

Technical Indicators

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

4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now below the 50 level.

Major Support Levels – $7.00, $6.75 and $6.50.

Major Resistance Levels – $7.25, $7.50, and $8.00.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Shows Impressive 4H Strength – A Shift Toward Upside Break

Bitcoin is finally showing signs of strength as it attempts to push above the $98,000 level, signaling a potential end to months of volatility and selling pressure For the first time in weeks, bulls

Robert Kiyosaki Backs Bitcoin Over Gold Amid ‘Biggest’ Crash Warning

Robert Kiyosaki ignites bullish momentum for bitcoin, declaring it the ultimate shield against looming market collapse, runaway inflation, and relentless fiat debasement by central banks Kiyosaki

Treasury Secretary Scott Bessent sees stablecoins creating $2T in demand for government debt

The US Treasury could experience a surge in demand for government debt from the digital asset sector, potentially reaching $2 trillion over the next several years, according to Treasury Secretary

Robinhood Plans to Build Blockchain Tokenization Platform to Enable EU Investors to Access U.S. Stocks

The post Robinhood Plans to Build Blockchain Tokenization Platform to Enable EU Investors to Access US Stocks appeared first on Coinpedia Fintech News Robinhood’s Q1 earnings report showed that the

Tether Launches USDT on Kaia Blockchain Bringing Stablecoin Access to 196 Million Users

LINE NEXT and Kaia have teamed up with Tether to bring USDT to Kaia’s blockchain, enabling 196 million LINE users across Asia to access stablecoin payments, transfers, and DeFi services directly

XRP At $2.20? Analyst Insists It’s Not Too Late To Get In

XRP has been resting at the $2 level, but indications of movement are increasing One crypto analyst by the name of “J4b1” recently stated that purchasing XRP at $220 is not too late In