Polkadot (DOT) Price Analysis: Uptrend Intact With 20%+ Upside Potential

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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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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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!