Polkadot (DOT) is consolidating gains above the $7.40 zone against the US Dollar. The price could start another increase if it clears the $7.70 resistance.
- DOT gained pace and tested the $7.70 resistance level against the US Dollar.
- The price is trading above the $7.20 zone and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $7.40 on the hourly chart of the DOT/USD pair (data source from Kraken).
- The pair could continue to rise if it fails to stay above the $7.20 support.
Polkadot Price Holds Support
After forming a base above the $6.80 level, DOT price started a decent increase. It broke many hurdles near $7.20 and even spiked above $7.65. A high was formed at $7.69 and the price is now consolidating gains, like Ethereum and Bitcoin.
There was a move below the $7.50 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $6.91 swing low to the $7.69 high.
DOT is now trading above the $7.20 zone and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $7.40 on the hourly chart of the DOT/USD pair. Immediate resistance is near the $7.70 level.
![Polkadot (DOT) Price](https://platoaistream.net/wp-content/uploads/2024/05/polkadot-price-sets-sights-on-new-highs-dot-bullish-momentum-building.png)
The next major resistance is near $7.80. A successful break above $7.80 could start another strong rally. In the stated case, the price could easily rally toward $8.20 in the near term. The next major resistance is seen near the $8.50 zone.
More Downsides in DOT?
If DOT price fails to start a fresh increase above $7.70, it could continue to move down. The first key support is near the $7.40 level and the trend line.
The next major support is near the $7.30 and the 100 simple moving average (4 hours) or the 50% Fib retracement level of the upward move from the $6.91 swing low to the $7.69 high, below which the price might decline to $7.00. Any more losses may perhaps open the doors for a move toward the $6.90 support zone or $6.80.
Technical Indicators
Hourly MACD – The MACD for DOT/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level.
Major Support Levels – $7.40, $7.30 and $7.10.
Major Resistance Levels – $7.70, $7.80, and $8.20.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.newsbtc.com/analysis/dot/polkadot-price-dot-highs-7-7/
- :is
- 00
- 1
- 10
- 100
- 20
- 23
- 30
- 4
- 40
- 50
- 65
- 69
- 70
- 80
- 90
- 91
- a
- above
- against
- also
- and
- Another
- any
- At
- average
- base
- below
- Break
- Broke
- Building
- Bullish
- case
- Chart
- consolidating
- continue
- could
- data
- Decline
- declined
- Dollar
- doors
- DOT
- dot price
- DOT/USD
- down
- downsides
- easily
- Even
- fails
- First
- For
- formed
- forming
- fresh
- fresh increase
- from
- gained
- gaining
- Gains
- High
- Highs
- holds
- HOURS
- HTTPS
- Hurdles
- if
- immediate
- in
- Increase
- index
- IT
- Key
- Kraken
- Level
- levels
- like
- Line
- losses
- Low
- MACD
- major
- many
- max-width
- May..
- might
- Momentum
- more
- move
- moving
- moving average
- Near
- New
- NewsBTC
- next
- now
- of
- on
- open
- or
- Pace
- pair
- perhaps
- plato
- Plato Data Intelligence
- PlatoData
- Polkadot
- Polkadot (DOT)
- polkadot price
- price
- rally
- relative
- relative strength index
- Resistance
- retracement
- Rise
- rsi
- seen
- Sets
- Sights
- Simple
- Source
- start
- started
- stated
- stay
- strength
- strong
- successful
- support
- support levels
- Swing
- term
- tested
- The
- There.
- to
- toward
- Trading
- TradingView
- Trend
- upward
- us
- US Dollar
- was
- which
- with
- zephyrnet
- zone