Polkadot (DOT) Hits $10.33, Achieving a Nine-Month High with an 18% Surge
Polkadot (DOT) has reached $10.33, its highest level in nine months, following an 18% increase within the last 24 hours. The cryptocurrency’s market capitalization rose by 17.9% to $15.32 billion, reflecting strong investor demand. Trading volume also surged by 65.86%, hitting $1.88 billion, signaling heightened market activity and interest.
Bullish Momentum and Projections
Polkadot has outperformed many top altcoins, with analysts predicting further gains. Short-term targets are set between $10 and $11, with a potential retracement to $7.50. If bullish momentum holds, the next significant milestone could be $22.
Technical Indicators Support Uptrend
Polkadot’s technical metrics suggest a strong bullish trajectory:
- Relative Strength Index (RSI): At 79.56, firmly in overbought territory, indicating strong upward momentum.
- Chaikin Money Flow (CMF): Positive at 0.16, signaling net capital inflow.
- Golden Crossover: The 50-day moving average crossing above the 200-day moving average further reinforces the bullish outlook.
Key Resistance and Support Levels
Polkadot faces resistance at $10.50. A breakout above this level could pave the way for a move toward $11 and beyond. Conversely, failure to sustain momentum may find support at $9.50 or stronger fallback at $7.50.
If Polkadot sustains its rally above $10.50, it could establish new long-term highs, with $22 as the next major target for traders and investors.
