Polkadot (DOT ($1.89)) has registered a remarkable increase of over 100% in the last month. The cryptocurrency emerged from a prolonged downward trend channel, indicating a shift in price direction. Following this breakout, DOT reclaimed the $8 level, where resistance previously functioned as support in earlier cycles. This level is deemed crucial for maintaining the upward momentum.
Price Surpasses $8 Resistance
Polkadot’s price surged by 111% in the last 30 days, coinciding with a broader rise in crypto investments, allowing it to recover the $8 mark. This upward movement is bolstered by robust optimistic momentum and increasing trading volumes. The $8 level, previously acting as resistance, is now being tested as support.
The monthly chart reveals that Polkadot’s price is approaching the critical horizontal resistance level around $10. Historically, the $10 mark has served as both support and resistance across various market cycles. A successful breakout here could enhance the potential for the price to climb to $12.60.
Future Price Targets
If the upward m...
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