Polkadot Breaks Out As Bulls Eye Rally To $10; Can Bulls Hit This Level?

Polkadot Breaks Out As Bulls Eye Rally To $10; Can Bulls Hit This Level?
  • DOT breaks out of a downtrend after several months of the price remaining stagnant as the crypto bear market toughens
  • DOT price reclaims 50 and 200 EMA as the price could make a major rally to a high of $10 after a long downtrend price movement

The crypto market has been favorable for most crypto assets, including the likes of Polkadot (DOT), after seeing the price of most crypto assets suffer so much loss in their price as a result of the prolonged bear market as this has become a cause for worry for many traders and investors.

Reading: Bitcoin Flirts With $25,000 As Polygon (Matic) Bulls Eye $2

With the price of crypto assets looking more welcoming since the start of the new year, the price of DOT has shown some great strength rallying from a low of $4.5 to a high of $7, where the price faced its major resistance to trend higher.

After breaking this region of interest and closing above it, the price of Polkadot (DOT) has continued to show some great price action as the price could rally to a high of $9 and possibly rally to $10, where the price could face major resistance.

Polkadot (DOT) Daily Price Analysis 

DOT Price Analysis | Source: Tradingview.com

After forming an uptrend line, the price of DOT has shown so much strength rallying from $4.5 to a high of $7.5 as the price broke out of an ascending triangle indicating a more bullish scenario could be on the horizon for the price of DOT.

The price of DOT trades just above the 50 and 200 Exponential Moving Averages (EMA) as these regions continue to support the price of DOT after breaking out of its ascending triangle with good volume.

With DOT trading above $7.3, we could see more rallies in the coming days for the price of DOT, as $10 remains a key region of resistance.

Image from Currency, a chart from Tradingview.com
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