With an Altcoin season underway, many alts have started printing gains in the last week. As Bitcoin holds above $49, SOL, ADA, and LUNA have hit new all time highs. Following suit with a great rally is Polkadot.
Polkadot (DOT), managed to break free from $ 22 on August 15. It further rallied high and tested key resistance level of $ 30. However, it failed to do so and has retraced to 28.56.
The token has witnessed a great rally this week. Only yesterday, the increase was 12.5 percent compared to the previous 24 hours, and it was 28 percent on a weekly basis.
At the time of writing, DOT is trading at $28.56. The outlook remains bullish from here. The key resistance level of $ 30 continues to be the most pressing. If this level is breached, next resistance of $ 30.55 will come into play, followed by $ 32.
However, if If Polkadot falls below its current price of 28 dollars, it could head for the first support level of 23 dollars, passing through the 24.5 dollar retracement area.
DOT Price to hit $38?
Popular Analyst Scott Melker aka Wolf of All Streets has made a bullish case for DOT. In a recent tweet update he predicts the next level for the token.
Melker says, now that the first target at $28 is hit. If DOT manages to flip above $28,a great rally will follow. A surge to as high has $38 is immennint.
As for the technical indicators, the MACD shows a declining bullish momentum.
Yesterday, the RSI broke out of the neutral zone, but it has since returned to the neutral zone. The indicator is currently trading above the 64.00 mark and moving upwards, indicating that the current price level is bullish.