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Home»EXCHANGE NEWS»DOT price (Polkadot) pumps 10% as bulls aim for $15 surge
EXCHANGE NEWS

DOT price (Polkadot) pumps 10% as bulls aim for $15 surge

By Crypto FlexsJanuary 11, 20243 Mins Read
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DOT price (Polkadot) pumps 10% as bulls aim for  surge
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Polkadot (DOT) is trending upwards above the $7.50 resistance level against the US dollar. The price is up almost 15% and could rise further to $10.00.

  • DOT is showing strong bullish signs with support at $6.65 against the US dollar.
  • The price is trading in the $8.00 area and above the 100 simple moving average (4-hours).
  • On the 4-hours chart of the DOT/USD pair (data source from Kraken), a breakout occurred above the main bearish trendline with resistance near $7.80.
  • If the bears are unable to defend the $8.88 resistance area, the pair may continue to rise.

Polkadot price begins rally again

DOT price, which continued to decline, found support near $6.65. A low was formed at $6.64 and Polkadot recently started a new rise. The price was able to clear the $6.85 and $7.00 resistance levels to move into positive territory like Bitcoin and Ethereum.

A breakout occurred above the main bearish trendline with resistance near $7.80 on the 4-hours chart of the DOT/USD pair. The pair broke above the 50% Fib retracement level moving down from the $9.58 swing high to the $6.64 low.

DOT is currently trading above the $8.00 area and the 100 simple moving average (4-hours). Immediate resistance is near the $8.45 level. The next major resistance is the 76.4% Fib retracement level near $8.88 or a downside move from the $9.58 swing high to the $6.64 low.

Source: DOTUSD on TradingView.com

A successful break above $8.88 could start another strong rally. If stated, the price could easily rise to $9.50 in the short term. The next major resistance appears near the $10.00 area.

Are dips supported in DOT?

If DOT price fails to start a new advance above $8.45, a new decline could begin. The first major support is near the $7.80 level and the same trend line.

The next major support is near the $7.50 level, below which the price may fall towards $7.00. Any further losses could open the door for a move towards the $6.65 support area.

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 – $7.80, $7.500 and $7.00.

Key resistance levels – $8.45, $8.88, $9.50.

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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