DOT Price Analysis: Polkadot Jumps 14% as Sony Network Communications and Astar Network Announce Major Partnership

• Polkadot (DOT) is up 14% in the last 24 hours
• Sony Network Communications and Astar will support Web3 ideas through an incubation program
• On February 17th, the program will start accepting applications

Polkadot (DOT) is up 14% in the last 24 hours at $7.26. Together, Sony Network Communications and Astar will support Web3 ideas through an incubation program, utilizing SNC’s resources and Astar’s experience. As a business unit of the Sony Group, Sony Network Communications engages in the communication, IoT, AI, and solution service industries and supports the growth of new enterprises by leveraging Sony Group resources. By utilizing Astar’s development, prior consulting, and R&D business knowledge, Startale, a Web3 tech company developing multi-chain applications and infrastructure, will partner with Sony Network Communications to co-host an incubation program with a focus on Web3 and offer business strategy/tech support to participating startups. On February 17th, the program will start accepting applications.

Key Levels
Resistance levels: $12.00, $9.50, $7.50
Support Levels: $6.00, $4.25, $3.55

DOT/USD Daily Chart: Ranging

DOT/USD Daily Chart

Polkadot (DOT) uncovered some bullish forces near the MA 200 at $6.30, although the pair has been moving upward since January 1. In the week, DOT/USD daily RSI recorded a bounce off the 50 neutral levels encouraging positive traction. DOT is projected to encounter resistance near the $7.50 level on the upside. Any further increases would pave the way for a move in the direction of the $9.50 level.

As seen on the daily chart, the DOT/USD pair is exhibiting positive signs amid an anticipated bullish crossover of the MAs, but to move higher in the ensuing sessions, it must overcome the immediate hurdle at $7.50. On the other hand, the MA 50 at $6.0 is the first significant support on the downside to arrest any bearish stance. Though additional dips might aim for the $4.25 support.

DOT/USD 4-Hour Chart: Bullish

DOT/USD 4-Hour Chart

Through a new gain on Feb. 17, DOT/USD established a base over $6.00. As of the time of publication, the pair was still strongly bid above $7.00. However, a successful break above today’s high at $7.42 would pave the way for a more substantial rise. Overcoming this barrier would entice buyers to test the ceiling of $7.50 before moving to the $9.50 area.

The $6.00 level is a respectable support on the downside. Any further decline towards the MA 50 at $6.50 ahead of the MA 200 ($6.45) could be possible if there are any additional losses. Overall, Polkadot looks solid above the $6.00 support, and shortly, it is probably going to aim for a break over the $9.50 barrier.

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