Rally

Bitcoin

Polkadot

Resistance

Polkadot (DOT) is gaining pace above the $7.50 resistance against the US Dollar. The price is up nearly 15% and might rise further toward $10.00. 
<ul> 
 <li>DOT is showing heavy bullish signs from the $6.65 support against the US Dollar.</li> 
 <li>The price is trading above the $8.00 zone and the 100 simple moving average (4 hours).</li> 
 <li>There was a break above a key bearish trend line with resistance near $7.80 on the 4-hour chart of the DOT/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to rally unless the bears are able to defend the $8.88 resistance zone.</li> 
</ul> 
<h2 id="polkadot-price-restarts-rally">Polkadot Price Restarts Rally</h2> 
After a steady decline, DOT price found support near the $6.65 zone. A low was formed at $6.64 and Polkadot recently started a fresh increase. The price was able to clear the $6.85 and $7.00 resistance levels to move into a positive zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stuck-below-48k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rallies-2650/" target="_blank" rel="noopener ">Ethereum</a>. 
There was a break above a key bearish trend line with resistance near $7.80 on the 4-hour chart of the DOT/USD pair. The pair even surpassed the 50% Fib retracement level of the downward move from the $9.58 swing high to the $6.64 low. 
DOT is now trading above the $8.00 zone and the 100 simple moving average (4 hours). Immediate resistance is near the $8.45 level. The next major resistance is near $8.88 or the 76.4% Fib retracement level of the downward move from the $9.58 swing high to the $6.64 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Polkadot-DOT.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-569027" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Polkadot-DOT.png?resize=1024%2C461" alt="DOT Price (Polkadot) " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Polkadot-DOT.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Polkadot-DOT.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Polkadot-DOT.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Polkadot-DOT.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Polkadot-DOT.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Polkadot-DOT.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Polkadot-DOT.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/DOTUSD/" target="_blank" rel="noopener nofollow">DOTUSD on TradingView.com</a> 
A successful break above $8.88 could start another strong rally. In the stated case, the price could easily rally toward $9.50 in the near term. The next major resistance is seen near the $10.00 zone. 
<h2 id="are-dips-supported-in-dot">Are Dips Supported in DOT?</h2> 
If DOT price fails to start a fresh increase above $8.45, it could start a fresh decline. The first key support is near the $7.80 level and the same trend line. 
The next major support is near the $7.50 level, below which the price might decline to $7.00. Any more losses may perhaps open the doors for a move toward the $6.65 support zone. 
Technical Indicators 
4-Hours MACD – The MACD for DOT/USD is now gaining momentum in the bullish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level. 
Major Support Levels – $7.80, $7.500 and $7.00. 
Major Resistance Levels – $8.45, $8.88, and $9.50.

DOT Price (Polkadot) Pumps 15% As Bulls Aim For Surge To $10

Table of Contents

NewsBTC

Other articles published on Jan 11, 2024

A crypto whale buys 4,677 Ethereum valued at around $11 million as ETH surpasses $2,500

BRICS’ India and UAE forge a $3b pact – What it means

Ethereum tokens lead for the second consecutive day

South Korea Will Not Lift Ban On Crypto ETFs Despite US Approval

Solana meme coin Dogwifhat soars 70% amid buzz of potential Binance listing

World’s First Fully Autonomous Restaurant, ‘CaliExpress by Flippy,’ Redefines Dining Experience

Join our free newsletter for daily crypto updates!