DOT Price (Polkadot) Uptrend To Continue? These Could Be The Factors To Watch
29 January 2024 - 4:28PM
NEWSBTC
Polkadot (DOT) is gaining pace above the $6.80 resistance against
the US Dollar. The price could gain bullish momentum if it clears
the $7.28 resistance. DOT is trading in a positive zone from the
$6.00 support against the US Dollar. The price is trading near the
$7.00 zone and the 100 simple moving average (4 hours). There was a
break above a key bearish trend line with resistance near $6.50 on
the 4-hour chart of the DOT/USD pair (data source from Kraken). The
pair could continue to rise unless the bears are able to defend the
$7.28 resistance zone. Polkadot Price Restarts Increase After a
steady decline, DOT price found support near the $6.00 zone. A low
was formed at $5.97 and Polkadot recently started a fresh increase.
The price was able to clear the $6.20 and $6.50 resistance levels
to move into a positive zone, like Bitcoin and Ethereum. There was
a break above a key bearish trend line with resistance near $6.50
on the 4-hour chart of the DOT/USD pair. The pair even surpassed
the 23.6% Fib retracement level of the downward move from the $8.58
swing high to the $5.97 low. DOT is now trading near the $7.00 zone
and the 100 simple moving average (4 hours). Immediate resistance
is near the $7.20 level. The next major resistance is near $7.28 or
the 50% Fib retracement level of the downward move from the $8.58
swing high to the $5.97 low. Source: DOTUSD on TradingView.com A
successful break above $7.28 could start another strong rally. In
the stated case, the price could easily rally toward $8.00 in the
near term. The next major resistance is seen near the $8.50 zone.
Are Dips Supported in DOT? If DOT price fails to start a fresh
increase above $7.28, it could start a fresh decline. The first key
support is near the $6.60 level. The next major support is near the
$6.00 level, below which the price might decline to $5.65. Any more
losses may perhaps open the doors for a move toward the $5.32
support zone. Technical Indicators 4-Hours MACD – The MACD for
DOT/USD is now gaining momentum in the bullish zone. 4-Hours RSI
(Relative Strength Index) – The RSI for DOT/USD is now above the 50
level. Major Support Levels – $6.60, $6.00 and $5.65. Major
Resistance Levels – $7.28, $8.00, and $8.50.
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