Polkadot (DOT) has demonstrated significant growth, breaking through key technical levels on increasing buying pressure, attracting analysts' attention.
DOT Surges Above Key Levels, Testing Resistance
On Polkadot's daily chart, there's a breakout above the upper Bollinger Band, indicating a shift from bearish to bullish territory. This move might indicate that DOT is overbought, presenting the possibility of correction or consolidation. Immediate support is around $4.97 on the upper Bollinger Bands, and the second resistance is the middle band's line at $4.19. Further upward movement might lead to the $7.575 level, considered a key resistance by analyst iamflez.
Overbought RSI Indicates Caution
The Relative Strength Index (RSI) is now at 72.66, indicating the asset is overbought. In strong uptrends, assets can stay overbought for extended periods. Analyst i_bot404 highlights $3.60 as a mega-support, pointing to long-term growth opportunities.
Analysts Weigh in on Long-Term Potential
The growing interest in Polkadot encourages analysts to set long-term targets. The $7.575 level must be breached for continued growth. An analyst added that holding above the 200-day EMA could fuel a rally to $11. The recent DOT price surge aligns with these targets, suggesting bullish sentiment supporting further gains.
Polkadot shows significant growth surpassing key technical levels. Analysts remain optimistic about continued growth with current price levels and overall market conditions.
