Polkadot (DOT) is currently trading in a key price zone, showing signs of a potential upward movement.
Bullish Signals Starting to Surface
DOT is currently trading around $5.10, up over 9% in the past 24 hours. The Relative Strength Index (RSI) currently sits at 78, which typically suggests the asset is overbought, but in this case, it’s more a sign of strong buyer momentum. There is a 'bullish divergence' on the charts, indicating a potential change in direction. The MACD indicator also looks poised to cross into bullish territory.
Support Still Intact, But Buyers Need to Step Up
DOT has been stuck in a downward-sloping channel on the daily chart, but the bottom of that channel at around $3.90 has proven solid ground. Nonetheless, the ADX remains below 20, signaling insufficient momentum for a full-blown breakout. Bulls want to see that number climb past 25.
DOT Climbs, But Macro Signals Stay Mixed
While short-term charts lean toward a recovery, long-term forecasts are mixed. Some analysts expect DOT to average around $2.62 in 2025, while others believe it could rise to $25 or more by 2030. On-chain data shows steady daily activity and a slight uptick in staking participation, which are positive signs.
Thus, Polkadot (DOT) is showing bullish signs after bouncing off key support, though long-term factors remain mixed. Traders should monitor upcoming levels closely.
