The price of Polkadot (DOT) is up around 2% over the last 24 hours, currently trading at around $10.50. While a modest pump, this could be viewed as a positive sign for DOT holders as the broader crypto market undergoes a correction and consolidates today.
Technical analysis from altFINS suggests the uptrend for DOT remains intact across short, medium and long-term time horizons. After a bullish breakout from a falling wedge pattern, the DOT price resumed its uptrend. It reached resistance around $12 before being rejected and pulling back to find support around $10.
altFINS states that such pullbacks to the $10 support area could present attractive swing trade entry opportunities within the larger uptrend. They see potential for a 20%+ move back up to retest the $12 resistance, with a breakout potentially carrying DOT as high as $14 based on their analysis.
The momentum indicators reinforce the bullish outlook, with the MACD line above its signal line and the RSI above 55 – signaling bullish momentum. Key support levels are eyed at $10 (previous resistance) and $8, while the nearest resistance zones are $12 and $14.
Overall, despite the broader market correction, the technicals suggest Polkadot’s uptrend remains healthy. With the price finding support around $10, traders will be watching for a potential swing long entry in anticipation of a 20%+ rally to retest and break the $12-$14 resistance zone based on altFINS analysis.
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Show more +In conclusion, while the recent modest 2% pump may not seem significant on its own, the technical picture painted by altFINS suggests DOT could be gearing up for a much larger move to the upside within its established uptrend.
The $10 area appears to be an important support zone to watch for potential swing entries targeting $12 and higher in the weeks ahead. However, crypto markets can be volatile, so traders should always implement a sound risk management strategy including stop losses.
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