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

May 8, 2024
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Polkadot (DOT) is correcting features from the $7.5 resistance towards the US Greenback. The worth might begin one other enhance if it stays above the $6.75 assist.

DOT gained tempo and examined the $7.5 resistance stage towards the US Greenback.
The worth is buying and selling above the $7.00 zone and the 100 easy transferring common (4 hours).
There’s a short-term increasing triangle forming with resistance at $7.50 on the 4-hour chart of the DOT/USD pair (knowledge supply from Kraken).
The pair might proceed to say no if it fails to remain above the $6.75 assist.

Polkadot Value Holds Assist

After forming a base above the $6.00 stage, DOT worth began an honest enhance. It broke many hurdles close to $6.75 and even spiked above $7.25. A excessive was shaped at $7.46 and the worth is now correcting features, like Ethereum and Bitcoin.

There was a transfer under the $7.25 assist zone. The worth declined under the 23.6% Fib retracement stage of the upward transfer from the $6.03 swing low to the $7.46 excessive.

DOT is now buying and selling above the $7.00 zone and the 100 easy transferring common (4 hours). Instant resistance is close to the $7.25 stage. The subsequent main resistance is close to $7.50. There may be additionally a short-term increasing triangle forming with resistance at $7.50 on the 4-hour chart of the DOT/USD pair.

Supply: DOTUSD on TradingView.com

A profitable break above $7.50 might begin one other robust rally. Within the acknowledged case, the worth might simply rally towards $8.00 within the close to time period. The subsequent main resistance is seen close to the $8.80 zone.

Extra Downsides in DOT?

If DOT worth fails to start out a recent enhance above $7.25, it might proceed to maneuver down. The primary key assist is close to the $7.00 stage and the 100 easy transferring common (4 hours).

The subsequent main assist is close to the $6.75 stage or the 50% Fib retracement stage of the upward transfer from the $6.03 swing low to the $7.46 excessive, under which the worth would possibly decline to $6.50. Any extra losses could maybe open the doorways for a transfer towards the $6.10 assist zone or $6.00.

Technical Indicators

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

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

Main Assist Ranges – $7.00, $6.75 and $6.50.

Main Resistance Ranges – $7.25, $7.50, and $8.00.

Disclaimer: The article is supplied for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding choices. Use info supplied on this web site totally at your personal danger.



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Tags: BullsCorrectionDOTJunctureKeyPolkadotPricereachesTrap
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