Ethereum

Cryptocurrency

Polkadot

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/polkadot-faces-key-resistance-levels-in-the-crypto-market/" data-wpel-link="internal">Polkadot Faces Key Resistance Levels in the Crypto Market</a><br></p>
<p style="text-align: justify"><strong>Polkadot</strong> (DOT), recently tested the $7.5 resistance level against the US Dollar and is correcting its gains. However, if the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> remains above the $6.75 support, a new increase is likely to start. DOT price showed a reasonable increase after forming a base above the $6.00 level. This increase overcame many obstacles, rising to around $6.75 and even surpassing $7.25. However, the highest level recorded was $7.46, and it is currently correcting gains along with other cryptocurrencies like <a href="https://en.coin-turk.com/ethereum-price-analysis-analyst-predicts-a-last-dip-before-the-rise/" data-wpel-link="internal">Ethereum</a> and Bitcoin.</p> 
<h2 style="text-align: justify" id="critical-resistance-levels-for-cryptocurrency-dot-price">Critical Resistance Levels for Cryptocurrency DOT Price!</h2> 
<p style="text-align: justify">Currently, the cryptocurrency <strong>DOT</strong> is trading above the $7.00 region and above the 100 simple moving average. The immediate resistance level is around $7.25. Next, a significant resistance level is located around $7.50. Additionally, on the 4-hour chart of the DOT/USD pair, there is a short-term expanding triangle forming at the $7.50 resistance level.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-348977 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/dot.png" alt="" width="1814" height="798"></p> 
<p style="text-align: justify">A successful break above $7.50 could initiate a new rally for DOT. In this case, the price could easily rise to the $8.00 level. However, the next major resistance level appears to be near the $8.80 region. Therefore, if DOT price overcomes these resistance levels in the near term, more upside potential is present.</p> 
<h2 style="text-align: justify" id="downside-risk-for-altcoin-polkadot-as-well">Downside Risk for Altcoin Polkadot as Well</h2> 
<p style="text-align: justify">If the cryptocurrency DOT fails to initiate a new increase above $7.25, the likelihood of its price continuing to move downward is high. Technical analysis currently shows significant support levels around $7.00 and the 100 simple moving average.</p> 
<p style="text-align: justify">Falling below this level could lead to a price drop to as low as $6.50. Moreover, further losses could open the doors to a move towards the $6.10 support area or even down to $6.00.</p> 
<p style="text-align: justify">Looking at the technical indicators, we see that the 4-hour MACD for the DOT/USD pair has lost momentum in the bearish zone. Similarly, the 4-hour RSI (Relative Strength Index) is currently below the 50 level, indicating continued selling pressure.</p> 
<p style="text-align: justify">The <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> identifies the main support levels as $7.00, $6.75, and $6.50, while the resistance levels are seen at $7.25, $7.50, and $8.00.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/polkadot-faces-key-resistance-levels-in-the-crypto-market/" data-wpel-link="internal">Polkadot Faces Key Resistance Levels in the Crypto Market</a></h5>

Polkadot Faces Key Resistance Levels in the Crypto Market

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