Rally

Strong

Bitcoin

Polkadot

Resistance

Polkadot (DOT) is correcting gains from the $7.75 against the US Dollar. The price could start a fresh increase unless there is a close below $6.30. 
<ul> 
 <li>DOT is consolidating gains above the $6.60 support zone against the US Dollar.</li> 
 <li>The price is trading above the $6.65 zone and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bullish trend line forming with support near $6.65 on the 4-hour chart of the DOT/USD pair (data source from Kraken).</li> 
 <li>The pair could start a fresh increase if the bulls protect the $6.65 and $6.30 support levels.</li> 
</ul> 
<h2 id="polkadot-price-holds-ground">Polkadot Price Holds Ground</h2> 
After forming a base above the $5.50 support, DOT price started a decent increase. The price was able to clear the $5.85 and $6.00 resistance levels to move into a positive zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-drops-again-40k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-correction-2k/" target="_blank" rel="noopener ">Ethereum</a>. 
Polkadot even surpassed the $6.65 resistance zone and settled above the 100 simple moving average (4 hours). Finally, the bears appeared near the $7.75 zone. A high was formed near $7.77 and the price is now correcting gains. There was a drop below the $7.20 and $7.00 levels. 
DOT declined below the 61.8% Fib retracement level of the upward move from the $6.31 swing low to the $7.77 high. However, it is still above the $6.65 zone and the 100 simple moving average (4 hours). 
There is also a key bullish trend line forming with support near $6.65 on the 4-hour chart of the DOT/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $6.31 swing low to the $7.77 high. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Polkadot-DOT-1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-565771" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Polkadot-DOT-1.png?resize=1024%2C461" alt="DOT Price (Polkadot)" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Polkadot-DOT-1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Polkadot-DOT-1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Polkadot-DOT-1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Polkadot-DOT-1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Polkadot-DOT-1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Polkadot-DOT-1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Polkadot-DOT-1.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> 
Immediate resistance is near the $7.05 level. The next major resistance is near $7.20. A successful break above $7.20 could start another strong rally. In the stated case, the price could easily rally toward $7.75 in the near term. The next major resistance is seen near the $8.00 zone. 
<h2 id="more-losses-in-dot">More Losses in DOT?</h2> 
If DOT price fails to start a fresh increase above $7.05, it could continue to move down. The first key support is near the $6.65 level and the trend line. 
The next major support is near the $6.30 level, below which the price might decline to $5.70. Any more losses may perhaps open the doors for a move toward the $5.00 support zone. 
Technical Indicators 
4-Hours MACD – The MACD for DOT/USD is now gaining 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 – $6.65, $6.30 and $5.70. 
Major Resistance Levels – $7.05, $7.20, and $7.75.

DOT Price (Polkadot) Holds Strong At $6.6, Signs Point To Fresh Rally Ahead

Inhoudsopgave

NewsBTC

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