Polkadot (DOT) surged to $10.33, marking an 18% rise in 24 hours and a nine-month high.
Golden crossover in moving averages supports sustained bullish momentum.
Polkadot (DOT) surged to $10.33 today, marking its highest price in nine months. The cryptocurrency rose by 18% in the last 24 hours, with its market capitalization climbing to $15.32 billion. This marks a 17.9% increase, driven by strong market demand.
Trading volume also spiked by 65.86%, reaching $1.88 billion, reflecting heightened investor interest. Polkadot’s fully diluted valuation (FDV) aligns with its market cap at $15.32 billion, with a volume-to-market cap ratio of 12.26%.
In the current market, Polkadot has outperformed several top altcoins. Analysts suggest that the asset’s next targets could range between $10 and $11 before a potential retracement to $7.50. Long-term projections eye $22 as the next major milestone if bullish momentum sustains.
Bullish Indicators For DOT
Polkadot’s technical indicators reinforce its bullish outlook. The Relative Strength Index (RSI) currently sits at 79.56, with an average of 74.13. This places the asset firmly in the overbought territory, signaling strong upward momentum. The Chaikin Money Flow (CMF) at 0.16 shows positive net capital inflow, further validating the asset’s strength.
Key resistance is observed at $10.50. A breakout above this level could propel prices toward $11 and beyond. However, if Polkadot fails to maintain its momentum, support lies at $9.50, with a stronger fallback at $7.50. Traders are advised to monitor these levels closely.
The asset’s moving averages also align with bullish trends. The 50-day moving average recently crossed above the 200-day moving average, forming a golden crossover. This pattern indicates the likelihood of continued upward movement in the near term. If this trend persists, Polkadot’s bullish narrative may strengthen further.
The asset’s ability to sustain higher price levels hinges on breaking key resistance points. A sustained rally above $10.50 could establish new long-term highs, with $22 in sight.
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