Polkadot Rises As It Attempts To Overcome The $7.20 Hurdle

Key Resistance Levels: $10, $12,$14
Key Support Levels: $5, $3,$1

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot’s (DOT) price has risen above the 21-day SMA and the $6.75 support as it attempts to overcome the $7.20 hurdle. The altcoin’s previous price movement was above $6.29 but below the lines representing the moving averages.

The altcoin recovered positive momentum, breaking above the 21-day SMA and reaching a high of $7.08. The positive momentum is expected to continue to the 50-day moving average line or the high of $7.43.

In addition, during the January 29, 2024 rally, the retraced candle body tested the 50% Fibonacci retracement level. The retracement predicts that DOT will increase to level 2.0 Fibonacci extension, or $8.54. Meanwhile, the altcoin is rising to its previous highs.

Daily Chart Indicators Reading:
The latest price rebound has the price bars between the moving average lines. The implication is that the cryptocurrency will become caught between the moving average lines. It will trend once the moving average lines are broken.

The moving average lines lean to one side as a result of the sideways movement.

General Outlook for Polkadot (DOT)
Polkadot has been on an upward trend as it attempts to overcome the $7.20 hurdle. The altcoin is increasing and is anticipated to surpass its prior highs. The price indicator indicates that the crypto signal will remain positive as the altcoin gets closer to its $8.54 peak.

Currently, the altcoin will increase and meet the first barrier of $7.20.

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