The cryptomarket uptrend seems intact as BTC surges to new all-time highs of $51,717. While a handful of Altcoins is lagging behind BTC price action, some selected tokens have gone ahead to set new highs. Polkadot (DOT) has once again attained fresh all-time highs at $33.26. This brings Polkadot up by 938% since February 2020. Following a brief consolidation, the DOT token resumed the uptrend on Feb. 15 after embracing support at $23. Following the price action, DOT has gained 2.11% in the last 24 hours and 27.19% on a 7-day basis. At the time of writing, DOT/USD is exchanging hands at $30.78 after reaching intraday highs of $33.26. At a present market capitalization of $28.15 billion, Polkadot tops the 4th largest cryptocurrency flipping Cardano (ADA). DOT has a present circulating supply of 908 million and $5.3 billion in trading volume over the past 24 hours. WEB 3.0 is the project that has caused Polkadot to rise significantly. The Polkadot project recently released a detailed roadmap for the highly anticipated rollout of Parachains and slot auctions, which should mark the full launch of the WEB 3.0 protocol.
*DOT token resumed the uptrend on Feb. 15 after embracing support at $23
*DOT/USD is exchanging hands at $30.78 after reaching intraday highs of $33.26
*The Polkadot project recently released a detailed roadmap for the highly anticipated rollout of Parachains and slot auctions
Resistance Levels: $40.00, $36.00, $33.26
Support Levels: $29.00, $27.00, $25.59
DOT/USD Daily Chart: Bullish
DOT/USD Daily Chart
Polkadot started a rebound from lows of $23 on Feb. 15. The DOT token traded to highs of $33.26 before a slight retreat. In the event of a sustained breakout past the $33.26 barrier, the DOT/USD pair could pick up momentum and rally to $40. The RSI in the overbought zone suggests an advantage to the bulls. On the flipside, Polkadot price gains have always been punctuated by a period of consolidation or minor pullback.
Therefore, a brief consolidation may ensue after this recent climb. A retest of the support at $23 may be quite likely if selling pressure intensifies. The trend will turn in favor of the bears following a breakdown in DOT price below the ascending trend line support at around $23. In this case, Polkadot may seek support at the MA 50 ($16.82).
DOT/USD 4-hour Chart: Bullish
DOT/USD 4-Hour Chart
On the 4-hour chart, Polkadot remains in an uptrend. The upsloping moving averages and the RSI in positive territory lend credence to this. A sustained break past the $33.26 barrier holds the key to an uptrend targeting $36 and then $40. On the flip side, if the price turns down from current levels due to significant resistance, the nearest support level is around $29.
The MA 50 at $27 is in line to offer support if a breakdown ensues. DOT bullish outlook will invalidate on a breakdown below the ascending trendline support. DOT may slide as low as $20 (MA 200). The DOT/USD pair stays bullish while trading above the $27 mark, key resistance is found at the $32 and $33 levels.
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