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

Polkadot (DOT) is correcting good points from the $7.5 resistance in opposition to the US Greenback. The value might begin one other enhance if it stays above the $6.75 assist.

• DOT gained tempo and examined the $7.5 resistance degree in opposition to the US Greenback.
• The value 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 Help

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

There was a transfer beneath the $7.25 assist zone. The value declined beneath the 23.6% Fib retracement degree 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). Rapid resistance is close to the $7.25 degree. The following main resistance is close to $7.50. There’s 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 said case, the value might simply rally towards $8.00 within the close to time period. The following main resistance is seen close to the $8.80 zone.

Extra Downsides in DOT?

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

The following main assist is close to the $6.75 degree or the 50% Fib retracement degree of the upward transfer from the $6.03 swing low to the $7.46 excessive, beneath which the value 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 Power Index) – The RSI for DOT/USD is now beneath the 50 degree.

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

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

Disclaimer: The article is offered for academic functions solely. It doesn’t signify 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 data offered on this web site solely at your personal threat.