Convergence

Polkadot

Resistance

Divergence

The post <a href="https://coinpedia.org/price-analysis/polkadot-price-breaks-out-the-key-resistance-level-7-incoming-for-the-dot-price/" rel="noopener noreferrer nofollow">Polkadot Price Breaks Out The Key Resistance Level! $7 Incoming For The DOT Price?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The crypto market cap has achieved its milestone of $1.6T during the early trading hours today, indicating a strong bullish sentiment in the crypto space. Further, Polkadot has successfully breached its key resistance level, indicating an increasing demand for this crypto coin.
The <a href="https://coinpedia.org/price-prediction/polkadot-price-prediction/" rel="noopener noreferrer nofollow">Polkadot price</a> traded in a closed space between $4.319 and $4.535 for a while, following which the bulls regained momentum, resulting in a price breakout. The DOT coin experienced a minor fluctuation in its price after which the price constant gained momentum.
Polkadot recorded a rise of approximately 30% in value in two weeks, following which the price faced rejection at $5.818. After this, the price lost momentum and recorded a correction of 12%.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/XHgPrF0ev2qHNJabQd4zK7vl21ejg30_OF1Z-pHDkGZmdfV45Dmt6iEC-3YnbsT04vsy98NdSvVfVB-mNZR0_osryrx78NE90Jz9ObAknb-_FCzjIXjZ5ct_9QsearrMrQASqQB08C-e0r0YxAvdskI" alt="Polkadot Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: DOT/USDT
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</figure>
Following this, the price traded in a consolidated range between $5.135 and $5.526 for a brief period. After multiple attempts, the DOT price successfully broke out of its key resistance level at $5.818, but the rally was short-lived as the price faced rejection at $6.127.
Since then, the price has been hovering close to its level and is expected to retest soon, of which the outcome is unpredictable.
The Moving Average Convergence Divergence (MACD) displays a decline in the green histogram, indicating reduced buying and selling pressure in the market. Further, the averages show a decline in its rise, suggesting an uncertainty in the future price action.
<h2 class="wp-block-heading" id="h-will-the-dot-price-hit-7-soon">Will The DOT Price Hit $7 Soon?</h2>
If the bulls push the price above the resistance level of $6.12, the price will regain momentum and prepare to test its upper resistance level of $6.407 in the coming days.
Conversely, if the bulls fail to hold the price at that level, the coin will lose momentum and prepare to test its support level of $5.818 soon. Moreover, if the bears continue to dominate the market, it will plunge further and fall to test its lower support level of $5.526 in the coming week.

Polkadot Price Breaks Out The Key Resistance Level! $7 Incoming For The DOT Price?

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