The PolkaDOT price surged 55% in the last week and 4% in the last 24 hours to trade at $9.21 as of 03:06 a.m. EST on trading volume that plunged 56% to $1.9 billion.
Polkadot Price Gearing Up For More Massive Gains
The Polkadot price is in a strong upward trend, as evidenced by the sharp rise in price and the steep slope of the 50-day Simple moving average (SMA).
DOT price has broken out of a prolonged consolidation range (marked in the white box) and is now trading significantly above both the 50-period MA (blue line at $6.67) and the 200-period MA (red line at $4.96), according to data from GeckoTerminal . This indicates bullish momentum.
The Relative Strength Index (RSI) is close to the overbought zone (above 70), currently at 69. This indicates strong buying momentum but also warns of a potential pullback or consolidation in the near future. Historically, when RSI approaches these levels, a retracement or sideways movement often follows as buyers take profits.
Moreover, the MACD line (0.7594) is above the signal line (0.7262), confirming upward momentum. The histogram shows declining momentum compared to its recent peak, hinting at the possibility of slowing bullish strength. However, this doesn’t indicate a reversal yet, just a pause or consolidation phase.
If buying continues, the bulls could target $10, which is the psychological resistance level that could act as a magnet for the Polkadot price.
If the bears take control of the price of Polkadot at this level, the $8.0 could act as a minor support level where buyers might step in if the price retraces.
