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martes, mayo 28, 2024

DOT Value (Polkadot) Approaches Key Degree: Ought to Merchants Brace for Sharp Drop?


Polkadot (DOT) is exhibiting bearish indicators under the $8 resistance in opposition to the US Greenback. The worth may prolong its decline if it fails to remain above $6.00.

  • DOT is gaining tempo under the $8.80 and $8.00 ranges in opposition to the US Greenback.
  • The worth is buying and selling under the $7.20 zone and the 100 easy shifting common (4 hours).
  • There’s a key bearish pattern line forming with resistance at $6.50 on the 4-hour chart of the DOT/USD pair (knowledge supply from Kraken).
  • The pair may proceed to say no towards the $5.00 help zone.

Polkadot Value Resumes Drop

After a gentle improve, DOT worth confronted resistance close to the $7.60 zone. It shaped a short-term prime and began a recent decline under the $7.00 stage, like Ethereum and Bitcoin.

There was a transfer under the $6.20 help zone. A low was shaped close to $6.03 and the worth is now consolidating losses. It’s slowly shifting increased above the $6.35 stage and the 23.6% Fib retracement stage of the downward transfer from the $7.58 swing excessive to the $6.03 low.

DOT is now buying and selling under the $7.00 zone and the 100 easy shifting common (4 hours). Speedy resistance is close to the $6.50 stage. There may be additionally a key bearish pattern line forming with resistance at $6.50 on the 4-hour chart of the DOT/USD pair.

DOT Price (Polkadot)

Supply: DOTUSD on TradingView.com

The subsequent main resistance is close to $7.00 or the 61.8% Fib retracement stage of the downward transfer from the $7.58 swing excessive to the $6.03 low. A profitable break above $7.00 may begin one other sturdy rally. Within the said case, the worth may simply rally towards $8.20 within the close to time period. The subsequent main resistance is seen close to the $10.00 zone.

Extra Downsides in DOT?

If DOT worth fails to start out a recent improve above $7.00, it may proceed to maneuver down. The primary key help is close to the $6.00 stage.

The subsequent main help is close to the $5.65 stage, under which the worth may decline to $5.00. Any extra losses might maybe open the doorways for a transfer towards the $4.20 help zone or the pattern line.

Technical Indicators

4-Hours MACD – The MACD for DOT/USD is now shedding momentum within the bearish zone.

4-Hours RSI (Relative Energy Index) – The RSI for DOT/USD is now under the 50 stage.

Main Assist Ranges – $6.00, $5.65 and $5.00.

Main Resistance Ranges – $6.50, $7.00, and $8.50.

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