Polkadot (DOT)'s price has surged over 20% in the last 24 hours, driven by strong trading volume and a bullish technical setup. The coin is facing a crucial resistance level at $7.71, but if it breaks through, a significant upward move towards $11.96 is possible.
At press time, DOT was trading at $7.55, up 21.94% over the past 24 hours. Its market cap has climbed to $11.49 billion, while 24-hour trading volume has surged 102.86% to $1.40 billion. This breakout has positioned DOT at a critical juncture as it approaches a key resistance level at $7.71. Polkadot ’s breakout above its descending channel has sparked optimism about its upward trajectory. DOT faces an immediate resistance at $7.71, a level that will determine whether its rally continues.
If this resistance is surpassed, the next target stands at $11.96, offering a potential 56.86% upside. From a technical perspective, the recent moving average (MA) cross reinforced the bullish momentum. Furthermore, the Relative Strength Index (RSI) was at 76.8, indicating strong buying pressure. However, traders should monitor RSI closely, as levels above 70 often suggest the asset was nearing overbought conditions, which could lead to short-term pullbacks.While DOT’s breakout has drawn attention, its social metrics remained moderate. Polkadot’s Social Volume was 174 at press time, and its Social Dominance was 0.52%. These figures showed stable engagement, highlighting sustained community interest without dramatic spikes.Polkadot’s bullish movement has been significantly influenced by liquidation activity. Over $4.99 million in short positions have been liquidated in the past 24 hours, compared to just $334,600 in longs. The imbalance has triggered a short squeeze, compelling bearish traders to close their positions and consequently amplifying DOT’s price momentum.Polkadot’s breakout, combined with strong trading volume, a bullish technical setup, and steady social metrics, points to sustained upward momentum. If DOT can decisively break above $7.71, a move toward $11.96 becomes highly likely. Therefore, the current metrics suggest Polkadot’s rally is well-supported and poised for further gains in the near ter
Polkadot DOT Cryptocurrency Breakout Resistance RSI Short Squeeze
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