Polkadot’s reclaim of key levels signals a bullish trend, with $10.35 resistance critical for further price acceleration.
Analysts predict DOT could surge toward $16.12 if it breaks $10.35, but failure may trigger a retest of lower support.
Polkadot's higher highs and reclaimed moving averages reinforce optimism for a sustained uptrend in the coming weeks.
Polkadot (DOT) is witnessing renewed bullish momentum, with its price trading at $7.78 after a 13.33% weekly surge. The cryptocurrency reclaimed the 1-week support/resistance zone and the 100-week exponential moving average (EMA). Analyst Crypto_Scient highlights that consolidating above the $6.50–$7 range is healthy for an upside move. The $10.35 resistance, untouched since 2022, is the next pivotal level to overcome for a breakout.
Historical Price Movements and Key Levels
Polkadot saw a surge in early 2021, hitting a record high of around $49.89. It did, however, have a protracted downward trend in 2022 and 2023, breaking several levels of support during this negative period. A crucial support that stopped additional drops and laid the groundwork for recovery was the $6.37 level.
Source: Crypto_Scient
By late 2023, DOT began regaining momentum, breaking a downward-sloping trendline and signaling a shift in market sentiment. Currently, it is approaching the $10.38 resistance level, which previously acted as both support and resistance. A decisive move above this threshold could propel the price toward $16.12 and, eventually, higher levels like $25 and $49.89.
Technical Indicators Signal Bullish Continuation
DOT has also reclaimed its 200-week moving average (orange) and shorter-term moving average (teal). This development suggests a continuation of the emerging uptrend. Moving averages frequently serve as dynamic support and resistance, reflecting shifts in market trends.
The dotted projection indicates potential upward price movements toward $16.12 and beyond. However, analysts caution that failure to break the $10.35 resistance might result in another retest of lower levels.
Analyst's Perspective and Market Outlook
Crypto_Scient emphasizes that a weekly close above $10.35 would confirm the breakout, providing a strong buying signal. The three previous rejections at this level since 2022 add to its importance as a key resistance. Besides, the broader structure of higher highs and higher lows support the bullish outlook.
