DOT Price (Polkadot) Jumps 10%, Why Bulls Can Drive It to $12
by Harold Vazquez March 7, 2024 in Cryptocurrency
DOT Price (Polkadot) Jumps 10%, Why Bulls Can Drive It to
Polkadot (DOT) is gaining momentum above the $10.00 resistance against the US Dollar. The price may extend its rally towards the $12.00 level in the near term.
DOT is gaining momentum above the $9.80 and $10.00 levels against the US Dollar.
The price is trading above the $10.00 area and the 100 simple moving average (4-hours).
There is a key bullish trend line forming with support at $9.10 on the 4-hour chart of the DOT/USD pair (data source from Kraken).
The pair may continue to move towards the $12 resistance zone.
Polkadot price resumes rally
After forming a base above the $8.00 level, DOT price started a fresh uptrend. It surged by more than 20% in just a few days and at times outperformed Ethereum and Bitcoin.
There was a clear move above the $9.50 and $10.00 resistance levels. The price is trading at a new multi-month high at $11.00 and is currently consolidating gains. There was a slight decline below the $10.75 level. The price is still above the 23.6% Fibonacci retracement level of the rise from the low of $8.26 to the high of $11.00.
DOT is now trading well above the $10.00 area and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support at $9.10 on the 4-hour chart of the DOT/USD pair. The trend line is near the 61.8% Fibonacci retracement level of the upward move from low $8.26 to high $11.00.
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Source: DOTUSD on tradingview.com
Immediate resistance is near the $10.75 level. The next major resistance is near $11.00. A successful break above $11.00 could trigger another strong rally. In the mentioned case, the price could easily rise to $12.00 in the near term. The next major resistance is seen near the $13.50 area.
Are dips supported in DOT?
If DOT price fails to start a fresh rise above $11.00, it could start a correction towards the downside. The first major support is near the $10.35 level.
The next major support is near the $10.00 level, below which the price could drop to $9.50. Any further losses could perhaps open the door to a move towards the $9.20 support area or trend line.
technical indicators
4-hour MACD – The MACD for DOT/USD is now gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level.
Key Support Levels – $10.35, $10.00 and $9.50.
Key Resistance Levels – $10.75, $11.00, and $12.00.
Disclaimer: The article is provided for educational purposes only. This does not represent NewsBTC’s opinion regarding buying, selling or holding any investment and investing inherently involves risk. You are advised to do your research before taking any investment decision. Use the information provided on this website entirely at your own risk.
source: www.newsbtc.com
