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Home»Analysis»DOT price (Polkadot) Uptrend to continue? These may be the factors to keep an eye on
Analysis

DOT price (Polkadot) Uptrend to continue? These may be the factors to keep an eye on

2024-01-29No Comments3 Mins Read
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Polkadot (DOT) is gaining pace above the USD 6.80 resistance against the US Dollar. The price could gain bullish momentum if the USD 7.28 resistance is cleared.

  • DOT is trading in a positive zone against 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 trendline with resistance around $6.50 on the 4-hour chart of the DOT/USD pair (Kraken data source).
  • The pair could continue to rise unless the bears are able to defend the $7.28 resistance zone.

Polkadot Prize is restarting

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 new increase. The price was able to break the USD 6.20 and USD 6.50 resistance levels and move towards a positive zone, like that of Bitcoin and Ethereum.

There was a break above a key bearish trendline with resistance around $6.50 on the 4-hour chart of the DOT/USD pair. The pair even surpassed the 23.6% Fib retracement level on 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). The 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.

DOT Prize (Polkadot)

Source: DOTUSD on TradingView.com

A successful break above $7.28 could herald another strong rally. In the mentioned case, the price could easily rise towards $8.00 in the short term. The next major resistance is seen near the $8.50 zone.

See also  Ethereum price falls along with Bitcoin, decrypting major hurdles for new rise

Are dips supported in DOT?

If the DOT price fails to start a new increase above $7.28, it could trigger a new decline. The first major support is near the $6.60 level.

The next major support is near the USD 6.00 level, below which the price could drop to USD 5.65. Any further losses could perhaps open the doors for a move towards the $5.32 support zone.

Technical indicators

4-hour MACD – The MACD for DOT/USD is now gaining strength in the bullish zone.

4-hour 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.

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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