Wednesday, December 25, 2024

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

Polkadot (DOT) is gaining tempo above the $10.00 resistance in opposition to the US Greenback. The worth may 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 may proceed to rise towards the $12 resistance zone.

Polkadot Value Resumes Rally

After forming a base above the $8.00 degree, DOT worth began a contemporary rally. It gained over 20% in a couple of days and even outperformed Ethereum and Bitcoin at occasions.

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 presently consolidating beneficial properties. 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 effectively above the $10.00 zone and the 100 easy transferring common (4 hours). There may be 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.

DOT Price (Polkadot)

Supply: DOTUSD on TradingView.com

Fast resistance is close to the $10.75 degree. The subsequent main resistance is close to $11.00. A profitable break above $11.00 may begin one other robust rally. Within the acknowledged case, the worth may 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 begin a contemporary enhance above $11.00, it may begin a draw back correction. The primary key assist is close to the $10.35 degree.

The subsequent main assist is close to the $10.00 degree, beneath which the worth would possibly decline to $9.50. Any extra losses might 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 Power Index) – The RSI for DOT/USD is now above the 50 degree.

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

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

Disclaimer: The article is supplied for instructional 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’re suggested to conduct your individual analysis earlier than making any funding selections. Use data supplied on this web site fully at your individual threat.

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