Polkadot (DOT) Price Analysis: Bulls Eyeing $12 Resistance Zone
After finding support above the $8.00 level, the price of Polkadot (DOT) has resumed its rally and is gaining momentum. In recent days, DOT has outperformed both Ethereum and Bitcoin, surging over 20%.
Bullish Momentum
The price of DOT successfully broke through the resistance levels at $9.50 and $10.00, reaching a new multi-month high at $11.00. Although there was a minor pullback below the $10.75 level, the price remains above the 23.6% Fibonacci retracement level of the upward move from the $8.26 swing low to the $11.00 high.
Currently, DOT is trading comfortably above the $10.00 zone and the 100 simple moving average (4 hours). On the 4-hour chart, a key bullish trend line is forming with support at $9.10, which aligns closely with the 61.8% Fibonacci retracement level mentioned earlier.
Resistance Levels
The immediate resistance for DOT is near the $10.75 level, followed by a major resistance at $11.00. If the price successfully breaks above this level, it could trigger another strong rally towards the $12.00 mark in the near term. The next significant resistance zone can be found around $13.50.
Dips and Support
If DOT fails to initiate a fresh increase above $11.00, a downside correction may occur. The first key support level to watch is around $10.35, followed by the psychological support at $10.00. Further losses could lead to a decline towards the $9.50 level, and potentially even the $9.20 support zone or the trend line.
Technical Indicators
According to the 4-hour MACD (Moving Average Convergence Divergence) indicator, DOT/USD is gaining momentum in the bullish zone. Additionally, the 4-hour RSI (Relative Strength Index) for DOT/USD is currently above the 50 level, indicating a positive trend.
Summary
In summary, Polkadot (DOT) has resumed its rally after finding support above $8.00. The price is trading above key resistance levels and is supported by a bullish trend line on the 4-hour chart. If it continues to gain momentum, DOT could potentially reach the $12.00 resistance zone in the near future. However, if there is a downside correction, the price may find support at $10.35 and $10.00.
Hot Take: DOT Bulls Eyeing $12 Resistance Zone
The price of Polkadot (DOT) has shown strong bullish momentum recently, surpassing Ethereum and Bitcoin in terms of performance. With a successful break above key resistance levels, DOT is now aiming for the $12.00 resistance zone. However, if there is a dip in price, support levels can be found at $10.35 and $10.00.
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