Polkadot price regains short-term uptrend and aims to hit $10 again
- Polkadot price plummeted by 27% since its top at $10 on January 10.
- DOT bulls have regained the short-term uptrend and aim to resume the longer-term uptrend.
Polkadot was trading as high as $10 on January 10 before the entire cryptocurrency market collapsed. The digital asset touched $7.26 on January 11 and it’s currently trading at $8.39.
Polkadot price has to climb above $9 to see $10
The digital asset has established an hourly uptrend creating two higher highs and two lower highs. Polkadot price just climbed above the 50-SMA at $8.3 turning it into a support level.
DOT/USD 1-hour chart
DOT is now facing a resistance level at $8.72, which is the last high, and $9 where the 100-SMA is currently located. Breaking out above these two levels can quickly drive Polkadot price towards $10 again.
DOT/USD 4-hour chart
On the 4-hour chart, Polkadot has established a higher low at $7.9 compared to $7.16 and needs to climb above $8.72 to establish an uptrend. The MACD is on the verge of a bull cross for the first time since January 1 which adds credence to the bullish outlook.
However, a rejection from the high of $8.72 has the potential to create a small double top on the 4-hour chart and push Polkadot down to $7.16 again as there is very little support on the way down.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
