Polkadot (DOT) is displaying bearish indicators under the $8 resistance towards the US Greenback. The worth may lengthen its decline if it fails to remain above $6.00.
- DOT is gaining tempo under the $8.80 and $8.00 ranges towards 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 Worth Resumes Drop
After a gentle improve, DOT worth confronted resistance close to the $7.60 zone. It fashioned a short-term high 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 fashioned close to $6.03 and the worth is now consolidating losses. It’s slowly shifting larger 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). Rapid 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.
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 acknowledged 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 begin 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 would possibly decline to $5.00. Any extra losses could 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 dropping momentum within the bearish zone.
4-Hours RSI (Relative Power 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.
