Wednesday, February 1, 2023
Homebtc newsDOT Price (Polkadot) Indicators Suggest Strong Case For Fresh Rally

DOT Price (Polkadot) Indicators Suggest Strong Case For Fresh Rally

Polkadot’s DOT started a fresh increase from the $5.60 support against the US Dollar. It correcting gains, but indicators suggest high chances of a fresh increase.

  • DOT is holding the ground above the $6.00 and $5.80 levels against the US dollar.
  • The price is trading nicely above the $6.00 support and the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $6.05 on the 4-hours chart of the DOT/USD pair (data source from Kraken).
  • The pair could start a strong rally once it clears the $6.40 and $6.50 resistance levels.

Polkadot’s DOT Eyes Fresh Rally

After forming a base above the $5.60 zone, DOT price started a fresh increase. It climbed above the $5.80 and $6.00 levels to move back into a positive zone.

The bulls were able to push the price above the $6.50 level and 100 simple moving average (4-hours). The price traded as high as $6.82 and recently started a downside correction, similar to bitcoin and ethereum. There was a move below the $6.50 level.

Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.

No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

Dot price dipped below the 50% Fib retracement level of the upward move from the $5.59 swing low to $6.82 high. However, the bulls are protecting the $6.15 support zone.

There is also a major bullish trend line forming with support near $6.05 on the 4-hours chart of the DOT/USD pair. The bulls are also protecting the 61.8% Fib retracement level of the upward move from the $5.59 swing low to $6.82 high.

It is also above the $6.00 support and the 100 simple moving average (4-hours). An immediate resistance is near the $6.40 level. The main resistance is still near the $6.65 and $6.80 levels.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

DOT Price (Polkadot)

Source: DOTUSD on inew.news

A successful break above $6.65 and a close above $6.80 could start a strong rally. In the stated case, the price could easily rise 10%-15% in the near term.

Dips Limited?

If DOT price fails to continue higher above $6.65 or $6.80, there could be more losses. The first key support is near the $6.05 and $6.00 levels.

The next major support is near the $5.80 level and the 100 simple moving average (4-hours). Any more losses may perhaps open the doors for a move towards the $5.50 support zone.

Technical Indicators

4-Hours MACD – The MACD for DOT/USD is now losing momentum in the bullish zone.

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

Major Support Levels – $6.05, $6.00 and $5.80.

Major Resistance Levels – $6.40, $6.65 and $6.80.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LAST NEWS

Featured NEWS