After a parabolic surge of 165% in the past month, Polkadot (DOT) has surpassed the $10 mark. Amid the rally, an analyst predicts a potential rise to $22.
In a market where Bitcoin is struggling to maintain dominance above the $96,000 mark, altcoins are making a bullish comeback. Polkadot is gradually gaining momentum, with an overnight surge of 7.77%, continuing its bullish trajectory.
Furthermore, the uptrend has now reached the psychological $10 level, and the recovery run aims to extend further. Will this rally push Polkadot to a new 52-week high? Let’s explore.
Polkadot Price Analysis
On the daily price chart, Polkadot’s price action shows a massive breakout rally, gaining significant momentum. This rally has led to a parabolic rise in Polkadot’s price, surging from $3.693 on November 5th to the current market price of $10.02. The price surge represents an almost 165% increase within a month.
The recovery has surpassed the 78.60% Fibonacci retracement level at $9.87, marking the breakout of a long-standing resistance level. This increase further strengthens the possibility of a continued bullish trend.
Analyst Predicts Parabolic Rise in Polkadot to $22
Ali Martinez, an independent analyst, supports the bullish trend in Polkadot. He shared an analysis during the $9.50 breakout, projecting a price target of $10–$11. Following this, he expects a retracement to $7.50 before Polkadot moves toward a surge to the $22 mark.
Polkadot Price Targets
Over the past 7 days, Polkadot’s price has increased by 32%, rising from a 7-day low of $7.54. This recovery rally has led to a bullish crossover between the 100-day and 200-day exponential moving averages (EMAs).
After this golden crossover, the bullish signal aligns with positive momentum from the EMA lines. Additionally, the MACD and signal lines are showing bullish movement, supported by positive histograms. Therefore, the technical indicators maintain a buy signal for Polkadot.
Based on the Fibonacci levels in the price chart, the nearest resistance level is at $11.557, followed by the 1.618 Fibonacci extension at $16.42. On the flip side, if a bearish candle closes below the 78.60% Fibonacci level at $9.87, the immediate support level is at $8.54.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
