NEW DELHI (CoinChapter.com) — Polkadot (DOT) crypto started a fresh increase from the $6.30 zone. The price is up over 10%, and the bulls seem to be aiming for a move to $10.
Polkadot Bulls Back In Action
After a sustained rally, Polkadot crypto faced resistance near the $7.80 zone. A high was around $7.78 before DOT price started a downside correction. There was a move below the $7.20 and $7.00 levels.
The price even spiked to test the 50% Fib retracement level of the upward move from the $4.84 swing low to the $7.78 low. A fresh support base was formed near $6.30, and the price recently started a fresh increase, outpacing Bitcoin and Ethereum.
DOT price climbed above the $7.00 resistance and settled well above the 50-day simple moving average (blue). A key bullish trend line is forming with support near $6.50 on the daily chart.
Today, the price is up over 10%, increasing above the $7.20 resistance. The current price action is bullish and suggests high chances of more upsides. On the upside, immediate resistance is near the $7.70 level.
The first major resistance sits at $7.80. A close above the $7.80 resistance could spark another surge. In the stated case, DOT could drift toward the $8.60 level. Any more gains might open the doors for a move toward the $10.00 level.
Downside Correction in DOT?
The DOT price might start a downside correction if there is no push above $7.70 or $7.80. Initial support is near the $7.00 level. The first major support sits near the $6.30 and trend lines.
A close below $6.30 may start a drop toward the $5.80 support zone or the 76.4% Fib retracement level of the upward move from the $4.84 swing low to the $7.78 low. Any more losses could set the pace for a test of the $4.15 support zone in the coming days.
Overall, DOT price is gaining pace above $7.20 and aiming for a clear move above $7.80. If the bulls succeed, the cryptocurrency price could increase toward the $10 barrier.
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