Ethereum

Polkadot

Momentum

Resistance

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. 
<ul> 
 <li>DOT gained pace and tested the $7.70 resistance level against the US Dollar.</li> 
 <li>The price is trading above the $7.20 zone and the 100-hourly simple moving average.</li> 
 <li>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).</li> 
 <li>The pair could continue to rise if it fails to stay above the $7.20 support.</li> 
</ul> 
<h2 id="polkadot-price-holds-support">Polkadot Price Holds Support</h2> 
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 <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-consolidates-3650/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-support-68800/" target="_blank" rel="noopener ">Bitcoin</a>. 
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. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_6a1d18.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-609394 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_6a1d18.png?resize=1024%2C449" alt="Polkadot (DOT) Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_6a1d18.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_6a1d18.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_6a1d18.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_6a1d18.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_6a1d18.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_6a1d18.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Polkadot-DOT_6a1d18.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
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. 
<h2 id="more-downsides-in-dot">More Downsides in DOT?</h2> 
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.

Polkadot Price Sets Sights on New Highs: DOT Bullish Momentum Building

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