Polkadot Surges Past $8 as Momentum Builds Toward $10 Target
- Polkadot gains 88.51% in a month, reclaiming $8 with a 28.59% 24-hour surge.
- Strong technicals and $1.722B volume suggest continued bullish momentum toward $10.
- Resistance at $8.275 and $9.910, with key support at $6.575 and $5 to watch for reversals.
In sync with Bitcoins approach to the $100,000 milestone, Polkadot (DOT) has demonstrated remarkable strength by reclaiming the $8 price level. The asset has recorded an impressive 88.51% gain over the past month, positioning itself for potential further upside.
Polkadot Shows Strong Performance Metrics
The cryptocurrency has shown exceptional momentum, adding 28.59% in the last 24 hours with robust trading volume of $1.722 billion. This surge contributes to a substantial 45.92% weekly gain, reflecting growing market confidence in the protocol.
Technical analysis reveals favorable conditions for continued upward movement. The Relative Strength Index (RSI) has entered overbought territory, indicating dominant buying pressure in the market. Meanwhile, the Simple Moving Average (SMA) provides consistent support on the daily timeframe, reinforcing the bullish narrative.
The alignment of technical indicators suggests sustained buying pressure, technical analysts noted. The SMAs supportive trend line mirrors the price action, pointing to potential continued upside.
The asset faces immediate resistance at $8.275, with a secondary target at $9.910 should bullish momentum persist. However, traders remain cautious of potential retracements, with key support levels established at $6.575 and $5.00.
As Bitcoin approaches six figures, Polkadots price action suggests potential for continued appreciation. However, the overbought conditions on daily timeframes warrant careful monitoring of support levels for any signs of trend reversal.
The confluence of strong volume, positive price action, and supportive technical indicators presents a compelling case for DOTs potential push toward the $10 mark before year-end, provided current market conditions persist.
Read more: https://thenewscrypto.com/polkadot-surges-past-8-as-momentum-builds-toward-10-target/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
