Since we made the last technical analysis on Polkadot on the seventh of November, it has been trading in the same triangle, wasn’t able to trade above the resistance for more than 2 hours, and came back to the bottom on the support line shown in the previous analysis. In this article we are going to discuss recent breakout, possible targets and the support levels. Check our previous article in the link below
In the last few hours, DOT was able to break out of the resistance level shown in the chart, have been trading for almost 1 day above this level, with current price of 4.4955$. But since DOT broke out and closed a daily candle on these levels, 40EMA becomes the first support line for DOT-4.38$-. And the second support is the 200 EMA-4.30$-.
Possible next targets for Polkadot are 4.82$, 5.1$, and finally 5.52$ before breaking all time resistances. MACD indicator on 4 hour candle chart is turning bullish. All the hype around Polkadot protocol could finally lead to the resurge of the coin and new ATH in the near future.
Personally, I am extremely bullish on this project, and I think we will see moon soon!!
Remember this is not a financial advice, do your own research and trade wisely.
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