DOT Technical Analysis: Will This Breakout Rally Exceed $10?

The DOT price shows a resistance trendline breakout rally ready to cross above $8.75 and challenge the psychological mark of $10. Key Technical Points: The DOT prices jumped by 6.66% in the last 24 hours. The price action of the trendline breakout rally is ready to reach the $8.75 mark. The 24-hour trading volume of Polkadot is $805 million, indicating a drop of 6%. Past Performance of DOT As mentioned in our previous analysis, the DOT price took a bearish reversal from the resistance trend line to test the ultimate support of $6.55 in the daily chart. However, a bullish reversal with a Morning Star pattern exceeds a resistance trendline and accounts for a 30% jump in the last four days. The breakout rally approaches the $8.75 resistance level projecting a high likelihood of a bullish breakout. Source – Tradingview DOT Technical Analysis The bullish breakout rally gains momentum as the intraday trading volume spikes represent a boom in buying pressure. Hence traders can shortly expect a breakout entry spot generating with the market value surpassing the $8.75 mark. As the market price exceeds the 50-day SMA, the next bullish target for the uptrend becomes the 100-day SMA close to the psychological mark of $10. As the breakout rally gains trend momentum, the RSI slope spikes in the nearly overbought zone representing an increase in the underlying bullishness. The MACD indicator shows a bullish trend continuation in the fast and...