Polkadot (DOT) Breaks $8 and 100-Day Moving Average, Potential Upside to $10
The price of Polkadot (DOT) has surpassed $8 and the 100-day moving average, signaling the potential for further growth towards the $10 mark.
As of the latest update, DOT is trading above $8, successfully breaking through the $7.50 resistance level. The cryptocurrency has also surpassed the 4-hour 100 Simple Moving Average (SMA). On the 4-hour chart, DOT has breached a significant bearish trendline with resistance around $7.80.
Previously, DOT experienced a steady decline but found support at $6.64. Following this, the cryptocurrency started to overcome resistance levels. The DOT/USD pair, in particular, moved above the 50% Fibonacci retracement level for the range from the $6.64 low to the $9.58 reversal high.
Immediate resistance is expected around $8.45, with a major hurdle at $8.88 or the 76.4% Fibonacci retracement level.
If $8.45 proves to be a challenging barrier, a downside correction could occur. Support levels in this scenario include $7.80, $7.50, $7.00, and $6.65. Investors and traders are closely monitoring these levels for potential market moves
