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Home Market & Analysis

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

n70products by n70products
March 7, 2024
in Market & Analysis
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DOT Price (Polkadot) Jumps 10%, Why Bulls Can Pump It To $12
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Polkadot (DOT) is gaining tempo above the $10.00 resistance in opposition to the US Greenback. The value might prolong its rally towards the $12.00 stage 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 value is buying and selling above the $10.00 zone and the 100 easy shifting common (4 hours).
  • There’s a key bullish development 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 stage, DOT worth began a recent rally. It gained over 20% in a couple of days and even outperformed Ethereum and Bitcoin at instances.

There was a transparent transfer above the $9.50 and $10.00 resistance ranges. The value traded to a brand new multi-month excessive at $11.00 and is at present consolidating good points. There was a minor pullback under the $10.75 stage. The value remains to be above the 23.6% Fib retracement stage of the upward transfer from the $8.26 swing low to the $11.00 excessive.

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

DOT Price (Polkadot)

Supply: DOTUSD on TradingView.com

Instant resistance is close to the $10.75 stage. The subsequent main resistance is close to $11.00. A profitable break above $11.00 might begin one other robust rally. Within the acknowledged case, the value might simply rally towards $12.00 within the close to time period. The subsequent main resistance is seen close to the $13.50 zone.

Are Dips Supported in DOT?

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

The subsequent main assist is close to the $10.00 stage, under which the value may decline to $9.50. Any extra losses might maybe open the doorways for a transfer towards the $9.20 assist zone or the development 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 stage.

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 characterize 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 individual analysis earlier than making any funding choices. Use data offered on this web site completely at your individual danger.



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Tags: BullsDOTJumpsPolkadotPricePump
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