The post Polkadot Price Lags: Can DOT Establish a Base for Recovery? appeared on BitcoinEthereumNews.com.

Polkadot (DOT) is struggling below $5.00 against the US Dollar. The price must settle above the $4.35 and $4.50 resistance levels to start a decent increase. DOT declined steadily below the $5.50 and $5.00 levels against the US Dollar. The price is trading below the $5.00 zone and the 100-hourly simple moving average. There was a break above a connecting bearish trend line with resistance at $4.18 on the hourly chart of the DOT/USD pair (data source from Kraken). The pair could start a decent upward move if it settles above $4.35 and then $4.50. Polkadot Price Remains In The Red Zone In the past few weeks, DOT price saw a steady decline from well above $6.50. Bitcoin and Ethereum were stable, but Polkadot remained in the red zone. There was a close below the $5.00 level. Finally, the price tested the $4.00 zone. A low was formed at $4.03 and the price recently started a recovery wave. There was a move above the $4.10 and $4.15 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $4.65 swing high to the $4.03 low. There was also a break above a connecting bearish trend line with resistance at $4.18 on the hourly chart of the DOT/USD pair. DOT is now trading below the $4.50 zone and the 100 simple moving average (4 hours). Immediate resistance is near the $4.30 level. The next major resistance is near $4.35 or the 50% Fib retracement level of the downward move from the $4.65 swing high to the $4.03 low. A successful break above $4.35 could start another strong rally. In the stated case, the price could easily rally toward $4.50 in the near term. The next major resistance is seen near the $5.00 zone. Another Decline…

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Filed under: News - @ September 3, 2024 5:27 am