Polkadot Price Sees Positive Movement
The price of Polkadot (DOT) has experienced a positive movement after finding support near the $6.00 zone. The price recently broke above key resistance levels at $6.20 and $6.50, entering a positive zone similar to Bitcoin and Ethereum.
A significant development is the break above a bearish trend line with resistance near $6.50 on the 4-hour chart of the DOT/USD pair. Additionally, the pair surpassed the 23.6% Fibonacci retracement level of the previous downward move.
DOT is currently trading close to the $7.00 zone and is in proximity to the 100 simple moving average (4 hours). The immediate resistance lies near $7.20, followed by a major resistance at $7.28 or the 50% Fibonacci retracement level.
A successful break above $7.28 could initiate another strong rally, potentially pushing the price towards $8.00 in the near future, with further resistance seen around $8.50.
Possible Support Levels for DOT
If DOT fails to initiate a fresh increase above $7.28, it may experience a decline. The first key support level is around $6.60, followed by a major support at $6.00. Further losses could lead to a potential drop towards the $5.65 support zone.
Technical indicators suggest bullish momentum for DOT/USD, with the MACD gaining strength in the bullish zone on the 4-hour chart and the RSI above the 50 level.
Source: DOTUSD on TradingView.com
Hot Take: Polkadot Price Poised for Potential Rally
The recent positive movement in Polkadot’s price indicates a potential rally if it can break above the $7.28 resistance level. With key support levels at $6.60 and $6.00, the price has room for growth. Technical indicators also suggest a bullish trend, making DOT an interesting cryptocurrency to watch in the coming days.
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