Shiba

Ethereum

Polkadot

Resistance

<a href="https://bitcoinworld.co.in/polkadot-dot-price-approaches-key-level-should-traders-expect-a-sharp-drop/" title="Polkadot (DOT) Price Approaches Key Level: Should Traders Expect A Sharp Drop?" rel="noopener noreferrer nofollow"></a>
Polkadot (DOT) <a href="https://coinstats.app/coins/polkadot/" rel="noopener noreferrer nofollow">price</a> is showing bearish signs below the $8 resistance against the US Dollar. The price could extend its decline if it fails to stay above $6.00.
<ul>
 <li>DOT is gaining pace below the $8.80 and $8.00 levels against the US Dollar.</li>
 <li>The price is trading below the $7.20 zone and the 100 simple moving average (4 hours).</li>
 <li>There is a key bearish trend line forming with resistance at $6.50 on the 4-hour chart of the DOT/USD pair (data source from Kraken).</li>
 <li>The pair could continue to decline toward the $5.00 support zone.</li>
</ul>
<h3 id="span-style-font-weight-400-polkadot-price-resumes-drop-span">Polkadot Price Resumes Drop</h3>
After a steady increase, DOT price faced resistance near the $7.60 zone. It formed a short-term top and started a fresh decline below the $7.00 level, like Ethereum and Bitcoin.
There was a move below the $6.20 support zone. A low was formed near $6.03 and the price is now consolidating losses. It is slowly moving higher above the $6.35 level and the 23.6% Fib retracement level of the downward move from the $7.58 swing high to the $6.03 low.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/shiba-inus-latest-price-projections-heres-the-move-you-should-make/" aria-label="“Shiba Inu’s Latest Price Projections – Here’s The Move You Should Make” (Edit)" rel="noopener noreferrer nofollow">Shiba Inu’s Latest Price Projections – Here’s The Move You Should Make</a>
DOT is now trading below the $7.00 zone and the 100 simple moving average (4 hours). Immediate resistance is near the $6.50 level. There is also a key bearish trend line forming with resistance at $6.50 on the 4-hour chart of the DOT/USD pair.
The next major resistance is near $7.00 or the 61.8% Fib retracement level of the downward move from the $7.58 swing high to the $6.03 low. A successful break above $7.00 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 $10.00 zone.
<h3 id="span-style-font-weight-400-more-downsides-in-dot-span">More Downsides in DOT?</h3>
If DOT price fails to start a fresh increase above $7.00, it could continue to move down. The first key support is near the $6.00 level.
<figure id="attachment_71795" aria-describedby="caption-attachment-71795" style="width: 100%" class="wp-caption aligncenter"><img fetchpriority="high" decoding="async" class=" wp-image-71795" src="https://bitcoinworld.co.in/wp-content/uploads/DOT-Price-Chart-5-483x300.png" alt="" width="633" height="393" srcset="https://bitcoinworld.co.in/wp-content/uploads/DOT-Price-Chart-5-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/DOT-Price-Chart-5.png 760w" sizes="(max-width: 633px) 100vw, 633px">
 <figcaption id="caption-attachment-71795" class="wp-caption-text">
 DOT Price Chart | Source: Coinstats
 </figcaption>
</figure>
&nbsp;
The next major support is near the $5.65 level, below which the price might decline to $5.00. Any more losses may perhaps open the doors for a move toward the $4.20 support zone or the trend line.
<h3 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators</h3>
<ul>
 <li style="font-weight: 400">4-Hours MACD – The MACD for DOT/USD is now losing momentum in the bearish zone.</li>
 <li style="font-weight: 400">4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now below the 50 level.</li>
 <li style="font-weight: 400">Major Support Levels – $6.00, $5.65 and $5.00.</li>
 <li style="font-weight: 400">Major Resistance Levels – $6.50, $7.00, and $8.50</li>
</ul>
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>
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&nbsp;
The post <a href="https://bitcoinworld.co.in/polkadot-dot-price-approaches-key-level-should-traders-expect-a-sharp-drop/" rel="noopener noreferrer nofollow">Polkadot (DOT) Price Approaches Key Level: Should Traders Expect A Sharp Drop?</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Polkadot (DOT) Price Approaches Key Level: Should Traders Expect A Sharp Drop?

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