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Polkadot Surges to New Highs as the Crypto Market Sends Bullish Signals

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Polkadot Surges to New Highs as the Crypto Market Sends Bullish Signals

Polkadot’s price has hit a new all-time high of around $54.80, 20% higher than a week ago. The coin is experiencing a bullish sentiment after the blockchain disclosed another favourable development for the network. Following the October 13 introduction of parachains, the demand for DOT skyrocketed.

Polkadot is Highly Bullish 

The Polkadot price is currently retesting the breakout. If it can successfully hold above the critical support around $48 (previous resistance), DOT might launch a rapid rally towards $54 and $71.

DOT is currently highly bullish. Any break above the all-time high indicates that market participants are willing to pay more to hold a particular coin. DOT has just signaled to the marketplace that it may be cheap and launch a rally until a new equilibrium between bulls and bears is reached.

On the daily timeframe, the RSI has not broken over 70 points, indicating that bulls still have a lot of opportunities to move DOT higher. As DOT enters price discovery, this might be the start of a massive surge.

On the daily timeline, the histogram and moving averages have also turned bullish on this breakthrough. It is a significant bullish indication, indicating that DOT may continue to rise for some time until a correction occurs.

Short-Term Price Prediction for DOT

In the short term, DOT may hover around $50. However, if the present retest of resistance turned support at $48 is successful, DOT is a strong candidate for a prolonged rally that might take it to $70 and beyond in the coming weeks. Investors should keep vigilant, though, since the following weeks are likely to be quite turbulent.

Polkadot Price Prepares Ascent Toward $80

On the daily chart, the Polkadot price looks to have established an ascending parallel channel as DOT continues to climb upward.

DOT’s next goal is the center limit of the current chart pattern at $55.59, followed by the 127.2% Fibonacci extension level at $62.75. If the cryptocurrency experiences a significant rise in buy orders, the topside trend line of the parallel channel predicts that the Polkadot price might finally reach $80.39.

DOT’s price’s first line of defense is around the 78.6% Fibonacci retracement level of $42.55, close to the 21-day Simple Moving Average (SMA). Suppose DOT retraces and sees a rise in selling pressure. In that case, the token may fall below the bottom limit of the ruling technical pattern at $39.94, then toward the 50-day SMA at $36.71, and finally toward the 61.8% Fibonacci retracement level at $35.79.

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