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DOT Price (Polkadot) Jumps 10%, Why Bulls Can Pump It To $12

7 March 2024
in Analysis
Reading Time: 3 mins read
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Polkadot (DOT) is gaining tempo above the $10.00 resistance in opposition to the US Greenback. The worth might lengthen its rally towards the $12.00 degree within the close to time period.

DOT is gaining tempo above the $9.80 and $10.00 ranges in opposition to the US Greenback.
The worth is buying and selling above the $10.00 zone and the 100 easy transferring common (4 hours).
There’s a key bullish pattern line forming with assist at $9.10 on the 4-hour chart of the DOT/USD pair (information supply from Kraken).
The pair might proceed to rise towards the $12 resistance zone.

Polkadot Value Resumes Rally

After forming a base above the $8.00 degree, DOT value began a recent rally. It gained over 20% in just a few days and even outperformed Ethereum and Bitcoin at instances.

There was a transparent transfer above the $9.50 and $10.00 resistance ranges. The worth traded to a brand new multi-month excessive at $11.00 and is at present consolidating positive aspects. There was a minor pullback beneath the $10.75 degree. The worth continues to be above the 23.6% Fib retracement degree of the upward transfer from the $8.26 swing low to the $11.00 excessive.

DOT is now buying and selling nicely above the $10.00 zone and the 100 easy transferring common (4 hours). There’s additionally a key bullish pattern line forming with assist at $9.10 on the 4-hour chart of the DOT/USD pair. The pattern line is near the 61.8% Fib retracement degree of the upward transfer from the $8.26 swing low to the $11.00 excessive.

Supply: DOTUSD on TradingView.com

Rapid resistance is close to the $10.75 degree. The following main resistance is close to $11.00. A profitable break above $11.00 might begin one other sturdy rally. Within the said case, the value might simply rally towards $12.00 within the close to time period. The following main resistance is seen close to the $13.50 zone.

Are Dips Supported in DOT?

If DOT value fails to start out a recent improve above $11.00, it might begin a draw back correction. The primary key assist is close to the $10.35 degree.

The following main assist is close to the $10.00 degree, beneath which the value would possibly decline to $9.50. Any extra losses could maybe open the doorways for a transfer towards the $9.20 assist zone or the pattern line.

Technical Indicators

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

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

Main Help Ranges – $10.35, $10.00 and $9.50.

Main Resistance Ranges – $10.75, $11.00, and $12.00.

Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding choices. Use data offered on this web site solely at your personal threat.



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Tags: bullsDOTJumpsPolkadotPricePump
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