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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.
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Categories:

Hot right now:

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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.

Polkadot Price Sets Sights on New Highs: DOT Bullish Momentum Building

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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

After forming a base above the $6.80 level, DOT price started a decent increase. It broke many hurdles near $7.20 and even spiked above $7.65. A high was formed at $7.69 and the price is now consolidating gains, like Ethereum and Bitcoin.

There was a move below the $7.50 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $6.91 swing low to the $7.69 high.

DOT is now trading above the $7.20 zone and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $7.40 on the hourly chart of the DOT/USD pair. Immediate resistance is near the $7.70 level.

Polkadot (DOT) Price

The next major resistance is near $7.80. A successful break above $7.80 could start another strong rally. In the stated case, the price could easily rally toward $8.20 in the near term. The next major resistance is seen near the $8.50 zone.

More Downsides in DOT?

If DOT price fails to start a fresh increase above $7.70, it could continue to move down. The first key support is near the $7.40 level and the trend line.

The next major support is near the $7.30 and the 100 simple moving average (4 hours) or the 50% Fib retracement level of the upward move from the $6.91 swing low to the $7.69 high, below which the price might decline to $7.00. Any more losses may perhaps open the doors for a move toward the $6.90 support zone or $6.80.

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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