Polkadot (DOT) continues its parabolic growth, surging 165% over the past month. Currently trading above the psychological $10 mark, analysts project further gains up to $22.
Polkadot Maintains Its Upward Trajectory
In a market where Bitcoin struggles to maintain its dominance, altcoins are making a strong comeback. Polkadot recorded a 7.77% overnight increase, reinforcing its bullish trajectory. This performance solidifies its position as it breaks the critical $10 level. Investors now speculate whether this rally could push Polkadot to a new 52-week high.
Polkadot Price Analysis
Polkadot's daily price chart reveals a remarkable breakout rally, with its price climbing from $3.693 (November 5) to the current value of $10.02. This 165% monthly increase signals strong momentum.
Breaking above the 78.60% Fibonacci retracement level ($9.87) indicates that Polkadot has surpassed a long-standing resistance. This suggests more room for growth, confirming the bullish trend.
Analyst Predicts Polkadot to Reach $22
Independent analyst Ali Martinez forecasts that Polkadot could surge to $22. He anticipates a retracement to $7.50 before another rally begins. Martinez's analysis suggests the price may stabilize between $10–$11 before moving toward higher targets.
Technical Indicators Support a Bullish Outlook
Over the past week, Polkadot's price has increased by 32%, achieving a bullish crossover between the 100-day and 200-day exponential moving averages (EMA). This golden crossover highlights the token's positive momentum.
Additional technical indicators, such as the MACD and signal line, confirm the bullish trend with positive histograms. Based on Fibonacci levels, the nearest resistance lies at $11.557, followed by an extension to $16.42. Conversely, if the price falls below the $9.87 level, the first support can be found at $8.54.
Conclusion
Polkadot has reached a significant milestone, showcasing its potential in the growing crypto market. Analysts and technical indicators suggest the rally could continue if the token holds key support levels. The coming weeks will reveal whether Polkadot can achieve its next target of $22.
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