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Technical Analysis for DOTUSD for 8th February 2022

Polkadot Adds 35%, Vibrant DOT Bulls Eyeing $23

Polkadot is creating the Polkadot Pioneers Prize and has allocated $20 million in DOT to fast-track technical innovation in the network.

Past Performance of DOT

Polkadot is riding the rising tide in the crypto market at spot rates. Adding 35 percent from January 2022 lows, DOT bulls are buoyant as they build on last week's gains. Based on candlestick formation in the daily chart, DOT prices could break above $23 as the momentum shifts to favor buyers.

Polkadot Technical Analysis

The DOTUSDT price action is bullish. Although there could be more opportunities above $23, nullifying losses of late January 2022, risk-off traders may search for entries in lower time frames to double down on dips. The immediate target in such a formation would be $23. It will also hold valid only if prices are above $20 and the 20-day moving average.

What to Expect of DOT

Buyers are confident of what lies ahead, considering the network's developing ecosystem. When writing, traders are riding the forming trend with immediate targets at $23. Even so, a close above this mark could see DOT soar to $32—or better, in the days ahead.

Resistance level to watch: $23

Support level to watch: $20

Disclaimer: Opinions expressed are not investment advice. Do your research.

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