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Polkadot (DOT) has been exhibiting a remarkable performance lately. Surpassing the $10.00 resistance against the US Dollar and gaining momentum has created excitement among investors. The price is expected to move towards the $12.00 level, which could mean even higher acceleration.
Polkadot (DOT) Technical Analysis
Technical analysis shows that the altcoin DOT has formed a solid base above the $9.80 and $10.00 levels. Notably, trading above the $10.00 region and the 100 simple moving average highlights the strength of the uptrend. The DOT/USD pair’s 4-hour chart shows significant support at the $9.10 level, confirming the uptrend’s strength.
DOT’s recent rally began after establishing a solid base above the $8.00 level. This rally has outperformed Ethereum and Bitcoin, indicating an increase of over 20%. After breaking resistance levels at $9.50 and $10.00, the price rose to the $11.00 level and is currently consolidating gains.
However, in the recent move, there was a pullback below the $10.75 level, and the price is still above the 23.6% Fib retracement level of the upward movement. Currently, DOT is trading well above the $10.00 region and the 100 simple moving average, and technical indicators suggest that the uptrend may continue.
Key Levels to Watch for DOT
For the cryptocurrency altcoin DOT, immediate resistance levels are around $10.75 and $11.00. A successful break above $11.00 could lead to an even stronger rally. However, if the price fails to break above the $11.00 level, a downward correction could occur. In this case, the $10.35 and $10.00 levels stand out as important support points.
Technical indicators show that the MACD for DOT/USD is gaining momentum in the bullish zone and the RSI is above the 50 level, increasing the likelihood of the uptrend continuing.
In the final analysis, the price performance of the altcoin Polkadot is extremely compelling. There could also be an expansion towards the $12.00 level in the near term. However, if the price fails to surpass resistance levels, corrective movements could be seen, but this is not expected to affect the strength of the trend.
