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Home»EXCHANGE NEWS»DOT price (Polkadot) has reached a critical juncture. Is this a bull trap or a correction?
EXCHANGE NEWS

DOT price (Polkadot) has reached a critical juncture. Is this a bull trap or a correction?

By Crypto FlexsMay 8, 20243 Mins Read
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DOT price (Polkadot) has reached a critical juncture.  Is this a bull trap or a correction?
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Polkadot (DOT) is correcting gains due to $7.5 resistance against the US dollar. If the price stays above the $6.75 support, another hike could begin.

  • DOT picked up the pace and tested the $7.5 resistance level against the US dollar.
  • The price is trading in the $7.00 area and above the 100 simple moving average (4-hours).
  • On the 4-hours chart of the DOT/USD pair, there is a short-term expanding triangle with resistance forming at $7.50 (data source from Kraken).
  • Failure to hold above the $6.75 support level could lead to the pair continuing to fall.

Polkadot price maintains support

After forming a base above the $6.00 level, DOT price began a significant rise. It broke through many hurdles near $6.75 and even surged above $7.25. A high was made at $7.46 and the price is now correcting gains like Ethereum and Bitcoin.

There was a move below the $7.25 support zone. The price fell below the 23.6% Fib retracement level, rising from the $6.03 swing low to the $7.46 high.

DOT is currently trading above the $7.00 area and the 100 simple moving average (4-hours). Immediate resistance is near the $7.25 level. The next major resistance is near $7.50. There is also a short-term expanding triangle forming resistance at $7.50 on the 4-hours chart of the DOT/USD pair.

Source: DOTUSD on TradingView.com

A successful break above $7.50 could start another strong rally. If stated, the price could easily rise to $8.00 in the short term. The next major resistance is seen near the $8.80 area.

Are there any more downsides to DOT?

If DOT price fails to initiate a new rally above $7.25, it may continue to decline. The first major support is near the $7.00 level and the 100 simple moving average (4-hours).

The next major support is near the $6.75 level or the 50% Fib retracement level of the rise from the $6.03 swing low to the $7.46 high, below which the price may fall towards $6.50. Any further losses could open the door to a move to $6.10 support or $6.00.

technical indicators

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

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

Key support levels – $7.00, $6.75 and $6.50.

Key resistance levels – $7.25, $7.50, $8.00.

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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