POLKADOT Price Analysis 11-24: DOT Reclaims $8, Briefly Visits $10. Can it Maintain Upward Momentum?

Polkadot (DOT) has witnessed an exceptional surge recently, gaining over 100% in the last month with a weekly gain of 55%, which brought the price up to above $8. A breakout in the early hours of the day saw DOT test the $10 resistance level. 

Polkadot (DOT) surged massively over the past month, gaining over 100%. In the past few trading sessions, DOT outperformed most of the market, including a hefty 30% gain on Saturday. 

DOT Tests $10 Level

Polkadot (DOT) looks to close the week on a very bullish note as a massive 55% weekly gain sees it currently trading above the $8 level. DOT is on a bullish streak since falling to an intra-day low of $3.65 at the start of November. A massive recovery since then saw DOT briefly visit the $10 level early this morning before returning to now trade around $8.54.

DOT started the current week with an almost 11% rally on Monday to reach an intraday high of $6.10 before declining and settling at $6. Despite Monday’s significant gains, DOT fell back in the red on Tuesday, registering a 3.33% drop and settling at $5.80. DOT saw a volatile session on Wednesday as buyers and sellers battled to establish control, resulting in a day high of $6.12 and a low of $5.54. Sellers were victorious, but the price managed to marginally recover from its intraday low, eventually settling at $5.73, a 1.21% decline. 

Buyers managed to take control of Thursday’s session, pushing DOT up over 3% to settle at $5.9. Buyers were able to maintain control of the session. A very bullish session saw buyers drive DOT above the critical $6 level, gaining nearly 12% to reach a day high of $6.68, with the price eventually setting at $6.6. DOT was able to hold firm at this critical demand level, indicating an imminent breakout. 

Bullish Sentiment Intensifies, DOT Rockets

After reaching its psychological level at $6 on Friday, DOT witnessed an immense breakout, gaining nearly 30% in the session and pushing DOT over the $8 mark to settle at $8.50. Increased trading activity and stronger bullish pressure have driven DOT’s upward momentum, and $8, which previously acted as a resistance level, has become a support zone.

All technical indicators reveal a bullish outlook. The RSI entered the overbought zone, which reflects increased buying pressure and suggests continued upward momentum. Intensified bullish momentum, market volatility, and a massive volume surge all conspired to send DOT over $10 in the early hours of today’s trading session. Buyers successfully pushed DOT above $10, reaching a day high of $10.29, before falling back to the $8 level. At the time of writing, DOT traded at $8.65.

DOT has reported a significant increase in market cap, now exceeding $13 billion, with a daily trading volume of $4.33 billion. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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