DOT Price (Polkadot) Approaches Key Level: Should Traders Brace for Sharp Drop?

2024-5-1 07:58

Polkadot (DOT) is showing bearish signs below the $8 resistance against the US Dollar. The price could extend its decline if it fails to stay above $6.00.

DOT is gaining pace below the $8.80 and $8.00 levels against the US Dollar. The price is trading below the $7.20 zone and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance at $6.50 on the 4-hour chart of the DOT/USD pair (data source from Kraken). The pair could continue to decline toward the $5.00 support zone. Polkadot Price Resumes Drop

After a steady increase, DOT price faced resistance near the $7.60 zone. It formed a short-term top and started a fresh decline below the $7.00 level, like Ethereum and Bitcoin.

There was a move below the $6.20 support zone. A low was formed near $6.03 and the price is now consolidating losses. It is slowly moving higher above the $6.35 level and the 23.6% Fib retracement level of the downward move from the $7.58 swing high to the $6.03 low.

DOT is now trading below the $7.00 zone and the 100 simple moving average (4 hours). Immediate resistance is near the $6.50 level. There is also a key bearish trend line forming with resistance at $6.50 on the 4-hour chart of the DOT/USD pair.

Source: DOTUSD on TradingView.com

The next major resistance is near $7.00 or the 61.8% Fib retracement level of the downward move from the $7.58 swing high to the $6.03 low. A successful break above $7.00 could start another strong rally. In the stated case, the price could easily rally toward $8.20 in the near term. The next major resistance is seen near the $10.00 zone.

More Downsides in DOT?

If DOT price fails to start a fresh increase above $7.00, it could continue to move down. The first key support is near the $6.00 level.

The next major support is near the $5.65 level, below which the price might decline to $5.00. Any more losses may perhaps open the doors for a move toward the $4.20 support zone or the trend line.

Technical Indicators

4-Hours MACD – The MACD for DOT/USD is now losing 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 – $6.00, $5.65 and $5.00.

Major Resistance Levels – $6.50, $7.00, and $8.50.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Dotcoin (DOT) на Currencies.ru

$ 0.0055765 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0.0055765 - H: $0.0055765
Капитализация $1.74m Rank 99999
Доступно / Всего 312.018m DOT / 890m DOT

dot polkadot below price decline extend pace

dot polkadot → Результатов: 126


Polkadot ‘Looks Good’ Long-term Says Elite Trader, Predicts new ATH for DOT

Amidst the recent crypto market correction, Polkadot (DOT) has experienced a 15% dip, trading below $10 at the $9 level after hitting a 2024 yearly peak of around $12 a few days ago. Despite this temporary setback, AlanSantana, one of the most popular traders on TradingView, remains bullish on DOT’s long-term prospects and says it […] The post Polkadot ‘Looks Good’ Long-term Says Elite Trader, Predicts new ATH for DOT appeared first on CaptainAltcoin.

2024-3-20 22:30


Polkadot Ventures Into Bearish Zone: What’s The Next Move For DOT?

Polkadot (DOT), one of the leading cryptocurrencies in the ever-evolving blockchain ecosystem, is currently navigating a critical juncture in its recovery journey. Despite showing promising signs of rebounding from previous price corrections, DOT’s path to sustained growth is encountering significant roadblocks that could potentially lure sellers back into the market.

2023-6-14 14:36