Polkadot (DOT) Price Forecast – Break Past $6.80 Might Trigger New Rally
- DOT holds beyond the $6.0 and $6.20 zones against the USD.
- Polkadot is trading beyond the foothold of $6.30 and 100 4hr Simple Moving Average.
- DOT/USD’s 4hr chart shows DOT broke beyond a critical bearish line with a resistance of around $6.20.
- Clearing the resistance zones at $6.80 and $7.0 will likely trigger a new rally for the alternative coin.
Polkadot’s DOT/USD kick-started a new upward move from the support of $6.00. The altcoin is consolidating gains, showing possibilities of new rallies beyond $6.80. DOT appeared prepared for impressive price runs.
DOT Targets New Highs
Polkadot price launched new upticks after printing a base beyond the $6.0 mark. Afterward, the crypto surged to enter a positive region, following upswings past $6.05 and $6.10. After that, the bulls pushed the prices beyond $6.20 and 100 4Hr SMA.
Further, DOT/USD’s four-hour timeframe showed a break past a vital bearish line with a resistance of $6.20. DOT is consolidating gains after forming a high at $6.90, similar to BTC and ETH. The token saw a move beneath $6.70.
It plummeted beneath the 23.6% Fibonacci retracement mark of the upswing to $6.90 from $6.03. While publishing this blog, DOT wavered beyond the $6.30 footing and the 100 4Hr SMA. The closest resistance stands at $6.80.
Nonetheless, the primary obstacle is the $6.95 and $7.0 regions. A decisive move past $6.80, followed by a closing beyond $7.0, might launch a massive rally. That can see Polkadot soaring toward the $7.60 mark. Then, the alternative token can stretch further to explore the $6.48 territory.
Dips Limited in DOT?
DOT will likely experience a downward correction if it fails to extend beyond $6.80 or $6.95. The alt will have the initial dependable support at around $6.45 and $6.48. Another massive support stands at $6.35 or the 61.8% Fibonacci retracement mark of the upswing from $6.03 to $6.90. Further losses will clear the road toward the support barrier of $6.00.
DOT Technical Indicators
- 4Hr MACD gains momentum at the bullish area.
- 4Hr RSI sways beyond the 50 mark.
- Crucial supports – $6.45, $6.35, and $6
- Crucial resistances – $6.80, $6.95, and $7
