surpassing the $6.00 resistance level against the US Dollar.
As a result, the price is now on the verge of a significant breakthrough and could potentially reach $7.00. This increase in value was initiated after DOT formed a solid foundation above the $5.80 zone, leading to a fresh surge in price. The cryptocurrency has since surpassed the $5.88 and $5.95 levels, placing it in a positive zone similar to that of bitcoin and ethereum.
The bulls successfully drove the price above the crucial $6.00 level and the 100-hour simple moving average. Additionally, there was a notable surge above the 23.6% Fibonacci retracement level, which marks the upward movement from the $6.70 swing high to the $5.7 low. This indicates a clear shift in market momentum and suggests that the bulls are gaining control.
Also, a significant break occurred above a major bearish trend line on the 4-hour chart of the DOT/USD pair, which had resistance above $6.12. The price is currently hovering around $6.20 level and the 50-hour simple moving average.
There is an immediate resistance level approaching at $6.40. This level is situated above the 50% Fib retracement level of the downward movement from the $6.70 swing high to the $5.75 low. If there is a successful break above $6.40 and a close above $6.60, it could initiate a strong rally. In this scenario, the price could potentially rally towards $6.80 or even $7.00 in the upcoming session.
If DOT does not maintain its upward momentum beyond $6.40, a downward correction may ensue. The initial critical support level is situated around $6.10, followed by a significant support level at $6.00. Should the price fall below this level, it may decline further to $5.75. Substantial losses could potentially lead to a move towards the $5.50 support zone in the near future.
According to Crypto Price Analysis, The market capitalization of this DOT is estimated to be $7,310,809,710. The 24-hour trading volume for the coin is around $149,486,946.
KEY LEVELS :
RESISTANCE LEVEL : $6.50-$7.00
SUPPORT LEVEL : $6.00-$5.50
Over the last few days, the DOT has been fluctuating within a descending channel line. The question on everyone's mind is whether the price of DOT will plummet to $5 or skyrocket beyond $7. We would love to hear your thoughts on this matter, so please share them in the box below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
