Polkadot Records Dramatic Growth
Polkadot (DOT) has experienced an extraordinary 111% increase in the past 30 days, breaking through the critical $8 resistance level. This remarkable growth signals a recovery after a prolonged downtrend. Currently, Polkadot is trading above $8, a level that previously acted as resistance and has now turned into a key support zone.
Breaking the $8 Barrier: What’s Next?
Amid the ongoing crypto rally, Polkadot’s price surged by 40% in a single day, climbing back above $8. Increased trading activity and stronger bullish momentum have driven this upward trend. The $8 level now serves as a crucial support zone, vital for sustaining further growth.
On the monthly chart, Polkadot is approaching a significant resistance level near $10, which represents both a horizontal barrier and a psychological milestone. Historically, this zone has acted as both support and resistance during various market cycles. Breaking through this level could pave the way for further gains toward $12.60.
Technical Indicators Point to a Bullish Trend
RSI (Relative Strength Index): The RSI has entered the overbought zone on the daily chart, indicating increased buying pressure. While the market remains bullish, overbought conditions may signal a short-term correction.
MACD Indicator: Shows a strong bullish crossover. The MACD line is significantly above the signal line, confirming growing bullish momentum. The rising histogram further supports the expectation of continued upward movement.
Can the Price Reach $10?
Experts agree that if the current bullish trend continues, Polkadot could soon reach the $10 mark. A key resistance lies near $9.91, and breaking through it could support further growth. The rising Simple Moving Average (SMA) on the daily chart also backs a positive market sentiment.
However, risks remain:
A bearish reversal could lead to a retest of the $6.57 support level.
In the case of stronger downward pressure, the price could drop to the critical $5 level.
Analyst Rekt Capital highlights the importance of closing the month above $8.61 to sustain the current rally.
Polkadot’s Current Status
At the time of writing, Polkadot is trading at $8.53, reflecting a 35.65% increase in the last 24 hours. The market capitalization stands at $13.14 billion, while the 24-hour trading volume is $3.03 billion, marking a 271% surge.
Polkadot is at a pivotal point in its development, with its next movements dependent on the strength of the bullish market and the resilience of key support levels.
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