POLKADOT Price Analysis 11-24: DOT Reclaims $8, Briefly Visits $10. Can it Maintain Upward Momentum?

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As an analyst with over two decades of experience in the crypto market, I must say that Polkadot’s (DOT) recent performance is nothing short of impressive. With a 100% surge in just one month and a weekly gain of 55%, it has left many other cryptocurrencies in its dust. The breakout early this morning, testing the $10 resistance level, is a clear indication that DOT is on a bullish streak.

In the past month, Polkadot (DOT) has experienced an extraordinary spike, soaring by more than 100% and increasing by 55% just this week. This surge has pushed its price above $8. Earlier today, there was a sudden breakout that prompted DOT to challenge the $10 resistance barrier.

Over the past month, I’ve witnessed an incredible surge in my Polkadot (DOT) investment, with a staggering growth of more than 100%. In recent trading sessions, DOT has outshone most of the market, even scoring a substantial 30% increase on Saturday alone.

DOT Tests $10 Level

Polkadot (DOT) is poised for a strong finish to the week, having rallied an impressive 55% and now trading above $8. In the past few weeks, DOT has been surging after hitting a low of $3.65 in early November. A significant bounce back since then pushed DOT close to $10 earlier today before settling around $8.54 currently.

To kick off this week, DOT experienced a nearly 11% surge on Monday, peaking at an intraday high of $6.10 before dipping and closing at $6. However, the positive momentum from Monday wasn’t sustained as DOT slipped into negative territory on Tuesday, dropping by 3.33% to reach $5.80. The day on Wednesday was marked by intense competition between buyers and sellers, with the sellers ultimately prevailing. Despite this, the price managed to inch up slightly from its intraday low, concluding the day at $5.73, representing a 1.21% decrease.

On Thursday, buyers dominated the trading session and propelled DOT over 3%, concluding at $5.9. Throughout the day, buyers continued their dominance. A highly optimistic trading period saw buyers surge DOT past the crucial $6 mark, gaining approximately 12% to peak at $6.68 for the day, eventually settling at $6.6. The resilience of DOT suggests an impending breakout at this significant demand level.

Bullish Sentiment Intensifies, DOT Rockets

On Friday, DOT surged past its psychological barrier at $6, leading to an impressive surge of approximately 30% in a single session, taking the price above $8 and settling at $8.50. The heightened trading activity and robust bullish forces have fueled DOT’s upward trajectory, transforming the $8 level, which previously served as a barrier, into a zone of support.

All technical indicators reveal a bullish outlook. The RSI entered the overbought zone, which reflects increased buying pressure and suggests continued upward momentum. Intensified bullish momentum, market volatility, and a massive volume surge all conspired to send DOT over $10 in the early hours of today’s trading session. Buyers successfully pushed DOT above $10, reaching a day high of $10.29, before falling back to the $8 level. At the time of writing, DOT traded at $8.65.

 

The Digital Currency Organization (DOT) has seen a substantial jump in its market value, surpassing the 13-billion-dollar mark, and is currently handling a daily transaction volume of approximately 4.33 billion dollars.

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2024-11-24 17:12