DOT Price (Polkadot) Looks Set To Crush $10 And Rally Further
04 Março 2024 - 2:28AM
NEWSBTC
Polkadot (DOT) is gaining pace above the $8.80 resistance against
the US Dollar. The price could extend its rally once it settles
above the $10 barrier. DOT is gaining pace above the $8.50 and
$8.80 levels against the US Dollar. The price is trading above the
$9.00 zone and the 100 simple moving average (4 hours). There is a
key bullish trend line forming with support at $9.20 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 $10
resistance zone. Polkadot Price Restarts Rally After forming a base
above the $7.50 level, DOT price started a steady increase. It
gained over 25% in a few days and even outperformed Ethereum and
Bitcoin at times. There was a clear move above the $8.50 and $8.80
resistance levels. The price even traded close to the $10.00 level.
A new multi-week high is formed near $9.89 and the price is now
consolidating gains. It is holding gains above the 23.6% Fib
retracement level of the upward move from the $8.57 swing low to
the $9.89 high. DOT is now trading above the $9.00 zone and the 100
simple moving average (4 hours). There is also a key bullish trend
line forming with support at $9.20 on the 4-hour chart of the
DOT/USD pair. The trend line is close to the 50% Fib retracement
level of the upward move from the $8.57 swing low to the $9.89
high. Source: DOTUSD on TradingView.com Immediate resistance is
near the $9.85 level. The next major resistance is near $10.00. A
successful break above $10.00 could start another strong rally. In
the stated case, the price could easily rally toward $12.00 in the
near term. The next major resistance is seen near the $13.50 zone.
Are Dips Supported in DOT? If DOT price fails to start a fresh
increase above $10.00, it could start a downside correction. The
first key support is near the $9.50 level. The next major support
is near the $9.20 level, below which the price might decline to
$8.80. Any more losses may perhaps open the doors for a move toward
the $8.50 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 – $9.50, $9.20 and $8.50.
Major Resistance Levels – $9.85, $10.00, and $12.00.
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