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Polkadot (DOT) is correcting positive factors from the $7.75 towards the US Dollar. The worth may begin a recent enhance until there’s a shut under $6.30.

• DOT is consolidating positive factors above the $6.60 help zone towards the US Dollar.
• The worth is buying and selling above the $6.65 zone and the 100 easy transferring common (4 hours).
• There is a key bullish pattern line forming with help close to $6.65 on the 4-hour chart of the DOT/USD pair (information supply from Kraken).
• The pair may begin a recent enhance if the bulls defend the $6.65 and $6.30 help ranges.

Polkadot Price Holds Ground

After forming a base above the $5.50 help, DOT worth began an honest enhance. The worth was capable of clear the $5.85 and $6.00 resistance ranges to maneuver right into a constructive zone, like Bitcoin and Ethereum.

Polkadot even surpassed the $6.65 resistance zone and settled above the 100 easy transferring common (4 hours). Finally, the bears appeared close to the $7.75 zone. A excessive was fashioned close to $7.77 and the worth is now correcting positive factors. There was a drop under the $7.20 and $7.00 ranges.

DOT declined under the 61.8% Fib retracement stage of the upward transfer from the $6.31 swing low to the $7.77 excessive. However, it’s nonetheless above the $6.65 zone and the 100 easy transferring common (4 hours).

There can be a key bullish pattern line forming with help close to $6.65 on the 4-hour chart of the DOT/USD pair. The pattern line is near the 76.4% Fib retracement stage of the upward transfer from the $6.31 swing low to the $7.77 excessive.

Source: DOTUSD on TradingView.com

Immediate resistance is close to the $7.05 stage. The subsequent main resistance is close to $7.20. A profitable break above $7.20 may begin one other robust rally. In the said case, the worth may simply rally towards $7.75 within the close to time period. The subsequent main resistance is seen close to the $8.00 zone.

More Losses in DOT?

If DOT worth fails to start out a recent enhance above $7.05, it may proceed to maneuver down. The first key help is close to the $6.65 stage and the pattern line.

The subsequent main help is close to the $6.30 stage, under which the worth would possibly decline to $5.70. Any extra losses could maybe open the doorways for a transfer towards the $5.00 help zone.

Technical Indicators

4-Hours MACD – The MACD for DOT/USD is now gaining momentum within the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now under the 50 stage.

Major Support Levels – $6.65, $6.30 and $5.70.

Major Resistance Levels – $7.05, $7.20, and $7.75.

Disclaimer: The article is offered for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your individual analysis earlier than making any funding selections. Use data offered on this web site fully at your individual threat.