Can Polkadot (DOT) Break Past $10 Soon?

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Polkadot‘s cryptocurrency DOT is making waves in the market and attracting significant interest from investors and experts. The current price of Polkadot is $8.92, representing a 3.49% increase over the past day.

Over the last month, Polkadot experienced a drop of 19.25%. But if we look at the bigger picture, this digital currency has actually risen by 134.65% in the previous six months. Currently, it has even gone up by 46.60% over the past year.

With a market value of $12.7 billion, Polkadot ranks as the 14th largest cryptocurrency in existence. In terms of its current supply, Polkadot has a circulating amount of 1.43 billion DOT tokens.

Polkadot (DOT) Technical Analysis

source: Trading view 

DOT has gained significant momentum and rebounded from its strong support at $8.35, surpassing the $9 threshold. As it climbed higher, the price successfully breached the downward sloping trendline during three successive bullish sessions. Moving forward, there are three Fibonacci Retracement levels to consider: $9.05 (representing a 50% retracement), $9.30 (a 61.8% retracement), and $9.48 (a 70.6% retracement). Should buyers manage to surmount these hurdles, regaining ground above the $10 psychological mark is a distinct possibility. Poldadot last traded below $10 on March 19th.

The MACD indicator indicates that the market momentum for DOT is presently negative. Yet, if the MACD line surpasses the signal line, this would suggest a shift from bearish to bullish momentum, potentially leading to more gains for DOT. Conversely, if the MACD line fails to cross over, it may be difficult for DOT to overcome current resistance and reach the $10 price mark.

Bottom Line

Based on the points we’ve gone over, DOT has a favorable outlook to reach around $10 if the market stays optimistic. However, for significant price progression, DOT needs to overcome the resistance at the Fibonacci retracement levels ($9.05, $9.30, and $9.48). If it fails to advance past $9, there’s a risk of falling to the $8.36 support floor.

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2024-04-08 16:45