• 02 November, 2024
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Navigating Polkadot’s Path:  Will It Break Through Resistance at $10-$11?

Navigating Polkadot’s Path:  Will It Break Through Resistance at $10-$11?

Polkadot ($DOT) currently stands at a critical point, teetering on a significant support level following its encounter with resistance. According to an analysis from CryptoCapo, a prominent analyst, the sustainability of this support could open the door for potential upward momentum towards resistance zones at $10-$11 and potentially $15-$17. These levels hold considerable importance, signifying significant milestones for the cryptocurrency’s trajectory.

Navigating Polkadot's Path:  Will It Break Through Resistance at $10-$11?

Polkadot’s price journey has been marked by turbulence and promise in recent years. Starting in September 2020, cryptocurrency experienced a rapid surge, reaching its peak by mid-2021. However, following this peak, it underwent a significant correction, characterized by a succession of lower highs and lower lows, indicating a downtrend. Despite these challenges, the price stabilized around mid-2022, signaling the beginning of a recovery phase that has persisted since then.

Key support and resistance levels play a pivotal role in understanding Polkadot’s price movements. Currently, the primary support lies around $1.79, representing the foundation of the recent bullish turnaround. Additionally, $6.00 emerges as a critical support level, witnessing multiple attempts by the price to breach it.

Source: CryptoCapo

On the flip side, resistance levels pose challenges for Polkadot’s upward momentum. The $10-$11 range stands out as a significant resistance zone, having served as both support and resistance in the past. Beyond this lies the main target between $15 and $17, aligning with previous peaks and likely requiring substantial buying volume and positive market sentiment to breach. 

Polkadot/USD 1-Day price chart, Source: Trading view

The live price of Polkadot today stands at $7.07, accompanied by a 24-hour trading volume of $170,707,380. The 1-day RSI indicates a potential buying opportunity as it approaches oversold territory, while the MACD suggests bullish momentum building. However, the 1-day KST trading below the zero line signals a bearish trend, warranting caution until a crossover above the zero line occurs.

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