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

Polkadot (DOT) is consolidating beneficial properties above the $7.40 zone towards the US Greenback. The value might begin one other enhance if it clears the $7.70 resistance.

DOT gained tempo and examined the $7.70 resistance stage towards the US Greenback.
The value is buying and selling above the $7.20 zone and the 100-hourly easy shifting common.
There’s a key bullish development line forming with help at $7.40 on the hourly chart of the DOT/USD pair (knowledge supply from Kraken).
The pair might proceed to rise if it fails to remain above the $7.20 help.

Polkadot Value Holds Assist

After forming a base above the $6.80 stage, DOT value began an honest enhance. It broke many hurdles close to $7.20 and even spiked above $7.65. A excessive was fashioned at $7.69 and the value is now consolidating beneficial properties, like Ethereum and Bitcoin.

There was a transfer beneath the $7.50 help zone. The value declined beneath the 23.6% Fib retracement stage of the upward transfer from the $6.91 swing low to the $7.69 excessive.

DOT is now buying and selling above the $7.20 zone and the 100 easy shifting common (4 hours). There’s additionally a key bullish development line forming with help at $7.40 on the hourly chart of the DOT/USD pair. Speedy resistance is close to the $7.70 stage.

The subsequent main resistance is close to $7.80. A profitable break above $7.80 might begin one other sturdy rally. Within the said case, the value might simply rally towards $8.20 within the close to time period. The subsequent main resistance is seen close to the $8.50 zone.

Extra Downsides in DOT?

If DOT value fails to begin a recent enhance above $7.70, it might proceed to maneuver down. The primary key help is close to the $7.40 stage and the development line.

The subsequent main help is close to the $7.30 and the 100 easy shifting common (4 hours) or the 50% Fib retracement stage of the upward transfer from the $6.91 swing low to the $7.69 excessive, beneath which the value may decline to $7.00. Any extra losses might maybe open the doorways for a transfer towards the $6.90 help zone or $6.80.

Technical Indicators

Hourly MACD – The MACD for DOT/USD is now gaining momentum within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for DOT/USD is now above the 50 stage.

Main Assist Ranges – $7.40, $7.30 and $7.10.

Main Resistance Ranges – $7.70, $7.80, and $8.20.