DOT Price Prediction: Polkadot Prints Bullish Breakout But Lacks Momentum
DOT Price Prediction | Image by Binance Academy
Polkadot’s DOT found support near $6.25 and climbed higher. The price is rising and may soon surge toward the $7.10 resistance zone.
Polkadot’s DOT Price Aims Higher
After a major decline, DOT price found support near the $6.25 zone against the US Dollar. After that, the price formed a base above the $6.30 level and recently started a recovery wave.
There was a move above the $6.45 and $6.50 resistance levels. Besides, the price broke a major bearish trend line with resistance near $6.55 on the 4-hours chart. However, the price seems to lack bullish momentum and is well below the 50 simple moving average (blue, 4 hours), similar to Bitcoin and Ethereum.
Polkadot’s price 4-hour chart | Source: DOTUSD on TradingView.com
DOT price is currently consolidating above the trend line resistance and $6.50. On the upside, immediate resistance is near the $6.65 level. Additionally, it is near the 23.6% Fib retracement level of the main decline from the $7.88 swing high to the $6.27 low.
The next major resistance is near the $6.80 zone or the 50 simple moving average (blue, 4 hours). A clear wave above the $6.80 level could increase the price.
In the stated case, the price may perhaps test the $7.00 resistance or $7.10. The 50% Fib retracement level of the main decline from the $7.88 swing high to the $6.27 low is also near the $7.10 level. Any more gains might open the doors for a move toward the $7.50 level.
Fresh Decline?
If there is no push above $6.65 or the 50 simple moving average (blue, 4 hours), the price might start a fresh decline. Initial support is near the $6.40 level. The next major support is nearly $6.25.
A close below $6.25 may start a drop toward the $6.00 support zone. Any more losses could set the pace for a test of the $5.65 support zone in the coming days.
The DOT price attempts a key bullish break above the $6.50 resistance. If the bulls can clear the $6.65 resistance zone, it could easily drift toward the $7.10 level or even $7.50. Conversely, there might be a fresh decline to $6.25.
The post DOT Price Prediction: Polkadot Prints Bullish Breakout But Lacks Momentum appeared first on CoinChapter.
Filed under: Bitcoin - @ March 1, 2023 12:07 pm