Polkadot
(DOT)
is
consolidating
gains
above
the
$7.40
zone
against
the
US
Dollar.
The
price
could
start
another
increase
if
it
clears
the
$7.70
resistance.

• DOT
  gained
  pace
  and
  tested
  the
  $7.70
  resistance
  level
  against
  the
  US
  Dollar.
• The
  price
  is
  trading
  above
  the
  $7.20
  zone
  and
  the
  100-hourly
  simple
  moving
  average.
• There
  is
  a
  key
  bullish
  trend
  line
  forming
  with
  support
  at
  $7.40
  on
  the
  hourly
  chart
  of
  the
  DOT/USD
  pair
  (data
  source
  from
  Kraken).
• The
  pair
  could
  continue
  to
  rise
  if
  it
  fails
  to
  stay
  above
  the
  $7.20
  support.

Polkadot
Price
Holds
Support

After
forming
a
base
above
the
$6.80
level,
DOT
price
started
a
decent
increase.
It
broke
many
hurdles
near
$7.20
and
even
spiked
above
$7.65.
A
high
was
formed
at
$7.69
and
the
price
is
now
consolidating
gains,
like

 

Ethereum
and

Bitcoin.

There
was
a
move
below
the
$7.50
support
zone.
The
price
declined
below
the
23.6%
Fib
retracement
level
of
the
upward
move
from
the
$6.91
swing
low
to
the
$7.69
high.

DOT
is
now
trading
above
the
$7.20
zone
and
the
100
simple
moving
average
(4
hours).
There
is
also
a
key
bullish
trend
line
forming
with
support
at
$7.40
on
the
hourly
chart
of
the
DOT/USD
pair.
Immediate
resistance
is
near
the
$7.70
level.

The
next
major
resistance
is
near
$7.80.
A
successful
break
above
$7.80
could
start
another
strong
rally.
In
the
stated
case,
the
price
could
easily
rally
toward
$8.20
in
the
near
term.
The
next
major
resistance
is
seen
near
the
$8.50
zone.

More
Downsides
in
DOT?

If
DOT
price
fails
to
start
a
fresh
increase
above
$7.70,
it
could
continue
to
move
down.
The
first
key
support
is
near
the
$7.40
level
and
the
trend
line.

 

The
next
major
support
is
near
the
$7.30
and
the
100
simple
moving
average
(4
hours)
or
the
50%
Fib
retracement
level
of
the
upward
move
from
the
$6.91
swing
low
to
the
$7.69
high,
below
which
the
price
might
decline
to
$7.00.
Any
more
losses
may
perhaps
open
the
doors
for
a
move
toward
the
$6.90
support
zone
or
$6.80.

Technical
Indicators

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

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

Major
Support
Levels
–
$7.40,
$7.30
and
$7.10.

Major
Resistance
Levels
–
$7.70,
$7.80,
and
$8.20.

Go to Source
Author: Aayush Jindal

Recommended Crypto Services, Products and Strategies: