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- Polkadot (DOT) shows a 5.4% 24-hour rise, with a 1.59% increase over the past week, signalling growing investor interest.
- A breakout from the falling wedge pattern could drive the price toward resistance levels at $5.25, $6.50, and $7.90.
- RSI at 52.49 and MACD at 0.046 point to bullish momentum, indicating a potential price surge in the near term.
Polkadot (DOT) is trading at $3.62, showing a 5.4% increase over the past 24 hours. Trading volume also increased by 5.6% to take the figure to $5.78 billion. In the last 7 days, the price of DOT has surged by 1.59%, an indication of more investors taking interest in the token.
Source: CoinMarketCap
Jonathan Carter highlighted that Polkadot is now forming a falling wedge on its daily chart. The price has climbed to the highest point of this pattern and a breakout soon could be anticipated. As long as Polkadot breaks out above the wedge and the 50-day moving average, the price might start going higher and reach important resistance zones. This is considered the current trading targets at $5.25, $6.50, and $7.90.
Source: X
According to CoinGlass data, the trading volume of Polkadot rose by 40.22% to reach $432.26 million. The open interest also increased by 8.98% to $464.21 million. These indicators indicate that more funds are entering the asset and this increases the interest of the market. The DOT Open Interest-Weighted Funding Rate stands at 0.0098% supporting a bullish market mood.
Source: CoinGlass
Polkadot Breaks Out
Crypto Winkle revealed that Polkadot is currently in a two-year-long falling wedge pattern, but it has just broken out. The cryptocurrency has been locked to a lateral range of movement for several months, but it is currently exhibiting strength. It has reestablished major resistance levels at $3.40 and $3.45 and is sitting above $3.70, making $3.70 strong support. These trends indicate that buyers are becoming increasingly confident.
With the building momentum, analysts believe that this is the start of a significant trend shift. Future upgrades of Polkadot in 2025 create additional optimism about the coin. This breakout may result in a significant price surge at Polkadot, and numerous analysts are currently noting the potential for a reversion to two-digit prices.
Source: X
RSI Indicates Neutral Sentiment
Polkadots’ Relative Strength Index (RSI) is 52.49. This shows a negative market sentiment that the RSI is not in the overbought zone. The RSI has stood between 42.33 and 52.49, which is an indication that it can be increased as the stocks keep going higher.
The Moving Average Convergence Divergence (MACD) of Polkadot is 0.046. The signal line is below the MACD line, which indicates a bullish trend. It also indicates there is positive momentum through the histogram, suggesting that the trend will move upward in the near term.
Source: TradingView
The breakout of Polkadot into the uptrend after years of consolidations and improvement in technical indicators are sign of a possible rally in the next few months. DOT has the potential to experience large price increases with future updates.
