Ethereum

Polkadot

Resistance

Polkadot (DOT) is correcting gains from the $7.5 resistance against the US Dollar. The price could start another increase if it stays above the $6.75 support. 
<ul> 
 <li>DOT gained pace and tested the $7.5 resistance level against the US Dollar.</li> 
 <li>The price is trading above the $7.00 zone and the 100 simple moving average (4 hours).</li> 
 <li>There is a short-term expanding triangle forming with resistance at $7.50 on the 4-hour chart of the DOT/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to decline if it fails to stay above the $6.75 support.</li> 
</ul> 
<h2 id="polkadot-price-holds-support">Polkadot Price Holds Support</h2> 
After forming a base above the $6.00 level, DOT price started a decent increase. It broke many hurdles near $6.75 and even spiked above $7.25. A high was formed at $7.46 and the price is now correcting gains, like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-bullish-3000/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-63500/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move below the $7.25 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $6.03 swing low to the $7.46 high. 
DOT is now trading above the $7.00 zone and the 100 simple moving average (4 hours). Immediate resistance is near the $7.25 level. The next major resistance is near $7.50. There is also a short-term expanding triangle forming with resistance at $7.50 on the 4-hour chart of the DOT/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_904a59.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-606981" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_904a59.png?resize=1024%2C461" alt="DOT Price (Polkadot)" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_904a59.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_904a59.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_904a59.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_904a59.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_904a59.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_904a59.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_904a59.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 $7.50 could start another strong rally. In the stated case, the price could easily rally toward $8.00 in the near term. The next major resistance is seen near the $8.80 zone. 
<h2 id="more-downsides-in-dot">More Downsides in DOT?</h2> 
If DOT price fails to start a fresh increase above $7.25, it could continue to move down. The first key support is near the $7.00 level and the 100 simple moving average (4 hours). 
The next major support is near the $6.75 level or the 50% Fib retracement level of the upward move from the $6.03 swing low to the $7.46 high, below which the price might decline to $6.50. Any more losses may perhaps open the doors for a move toward the $6.10 support zone or $6.00. 
Technical Indicators 
4-Hours MACD – The MACD for DOT/USD is now losing momentum in the bearish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now below the 50 level. 
Major Support Levels – $7.00, $6.75 and $6.50. 
Major Resistance Levels – $7.25, $7.50, and $8.00.

DOT Price (Polkadot) Reaches Key Juncture, Is This Bulls Trap or Correction?

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