Polkadot Price Surges, Analysts Target Key Levels Above $7
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Polkadot (DOT) is currently at $5.15. DOT price has shown a correlation in the last few days climbing through some technical levels.
As the buying pressure rises significantly, technical indicators and analysts show both the possibilities for further growth and levels to monitor for a decline Insights from analysts like iamflez and i_bot404 suggest major resistance targets ahead. Even though overbought conditions and profit-taking could influence short-term moves.
DOT Surges Above Key Levels, Testing ResistanceIn Polkadot’s daily chart, there is a breakout above the upper Bollinger Band, which is now slightly above $4.97.
This move above the band indicates a shift from bearish ground to bullish territory. However, breaking the upper Bollinger Band indicates that DOT may be overbought. Market correction or consolidations. is more likely to occur.
When the Bollinger Bands expand, it indicates that the market is more volatile in the middle of a new trend.Immediate support is located around $4.97 at the upper Bollinger Bands. The second upward resistance level is the middle Bollinger Bands’ line at $4.19.
However, if DOT is to move further up and cross $5.50, the next possible level maybe $7.575. The analyst iamflez considers this to be a key resistance level.
Overbought RSI Indicates Caution Amid Buying Pressure
The Relative Strength Index is now at 72.66 which is considered overbought.An RSI above 70 means that the asset is in an overbought state, it is likely to retrace as profit takers come in.
However, in strong uptrends, the assets could stay overbought for a long time, which makes a continuation of the trend possible if the buying pressure is sustained.
