Recently, the cryptocurrency Polkadot (DOT) has seen a boost in its value, challenging the $7.70 resistance against the US dollar. The price remaining above the $7.20 mark has bolstered investor trust. The hourly chart for the DOT/USD pair displays a notable upward trend line with support at $7.40. If the price doesn't fall below the $7.20 support, the uptrend may persist.

Polkadot Price Movements

Polkadot's price started to rise after establishing a strong base above the $6.80 level. It overcame multiple obstacles, moving past $7.20 and even $7.65. Consolidation at the peak of $7.69 mirrors trends in other cryptocurrencies like Ethereum and Bitcoin. For the latest financial updates, visit COINTURK FINANCE.

Additionally, the DOT/USD pair’s hourly chart highlights a significant upward trend with support at $7.40, drawing investor interest. The immediate resistance stands around $7.70, with the next major resistance near $7.80.

If DOT surpasses this resistance, a new rally could ensue, potentially pushing the price to $8.20 soon. The following major resistance level is approaching the $8.50 area.

Expectations for DOT Price Increase

Recent market fluctuations have also influenced the DOT/USD pair. If DOT fails to rise above the $7.70 level, it might continue its downward trend. The $7.40 level, identified as the first key support, could be crucial.

In the event of a deeper correction, the $7.30 and $7.00 levels become important. If these levels are broken, the price might move toward the $6.90 or even $6.80 support regions. However, predicting a drop to these levels remains premature.

Insights from Technical Indicators

Current technical indicators provide mixed signals. The hourly MACD is gaining bullish momentum for DOT/USD, but its sustainability is uncertain. The hourly RSI (Relative Strength Index) is above 50, yet its impact on the price remains unclear.

Investors should watch the $7.40, $7.30, and $7.10 support levels. Resistance points are set at $7.70, $7.80, and $8.20.

Conclusion

In conclusion, Polkadot's recent price activity shows promise, with the potential for further gains if key resistance levels are surpassed. However, the market remains volatile, and critical support levels must be monitored to understand the direction of the trend fully.