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Home»EXCHANGE NEWS»DOT price (Polkadot) is up 10%, why can the uptrend reach $12?
EXCHANGE NEWS

DOT price (Polkadot) is up 10%, why can the uptrend reach $12?

By Crypto FlexsMarch 7, 20243 Mins Read
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DOT price (Polkadot) is up 10%, why can the uptrend reach ?
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Polkadot (DOT) is rising above the $10.00 resistance level against the US dollar. The price may continue its upward trend towards the $12.00 level in the near term.

  • DOT is on pace to break above the $9.80 and $10.00 levels against the US dollar.
  • The price is trading above the $10.00 area and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the DOT/USD pair, there is a major bullish trendline forming around support at $9.10 (data source from Kraken).
  • The pair may continue to rise towards the $12 resistance zone.

Polkadot price resumes rally

After forming a base above the $8.00 level, DOT price began a new bounce. It rose more than 20% in a matter of days, sometimes even surpassing Ethereum and Bitcoin.

There was a clear move above the $9.50 and $10.00 resistance levels. The price traded at a new multi-month high of $11.00 and is currently consolidating gains. There was a slight decline below the $10.75 level. The price is still above the 23.6% Fib retracement level of the upward move from the $8.26 swing low to the $11.00 high.

DOT is currently trading well above the $10.00 area and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support at $9.10 on the 4-hours chart of the DOT/USD pair. The trend line is close to the 61.8% Fib retracement level rising from the $8.26 swing low to the $11.00 high.

Source: DOTUSD on TradingView.com

Immediate resistance is near the $10.75 level. The next major resistance is near $11.00. A successful break above $11.00 could start another strong rally. If stated, the price could easily rise to $12.00 in the short term. The next major resistance is seen near the $13.50 area.

Are dips supported in DOT?

If DOT price fails to start a new rally above $11.00, a downward correction could begin. The first major support is near the $10.35 level.

The next major support is near the $10.00 level, below which the price may fall towards $9.50. Any more losses could open the door for a move towards the $9.20 support or trendline.

technical indicators

4-Hour MACD – The MACD for DOT/USD is now gaining momentum in bullish territory.

4-Hour RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level.

Key support levels – $10.35, $10.00 and $9.50.

Key resistance levels – $10.75, $11.00, $12.00.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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