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- The Polkadot price has hovered below the $10 mark, and it was attempting to break through.
- Market indicators and on-chain data indicated a breakout ahead.
Polkadot crypto has witnessed a considerable increase over the past few days. However, the $10 mark acted as a barrier. Furthermore, the buyer army attempted to cross the juncture for a significant rally ahead.
The corrective bounce from the $7 range received a double boost with a volume surge of over 27% intraday. The exciting shift in buying momentum reflected growing confidence among market participants.
When writing, the DOT crypto price traded at $8.35. That represented an intraday rise of over 5.30%. Its market cap surged to $12.72 Billion, and the total supply stood at 1.52 Billion.
Polkadot’s Q3 Performance Update
A recent report by Messari on Polkadot’s third quarter unveiled significant changes. Based on the report, one of the most striking observations was the developer engagement level on Polkadot.
Electric Capital has estimated that the network had around 2,400 monthly active developers in July 2024. Out of these, 760 were identified as full-time developers. This placed Polkadot fourth among other top blockchain networks and was behind Ethereum, Base, and Polygon.
The transaction fees on the Polkadot chain have been relatively low compared to competitors. The network structure revealed this information. Transaction fees returned to a historical level in Q3 2024, which amounted to $84,000, down 44% QoQ.
Bullish Signals for Polkadot Crypto: Analyst Eyes a Potential Rally
A recent tweet by Crypto Faibik revealed that Polkadot crypto has broken out of a falling wedge pattern. The token is primed for a massive rally.
On the weekly timeframe, the Polkadot price surpassed the trendline hurdle of $6. It could see an upswing toward $40 in the short term.
Moreover, the positioning of Polkadot on the Elliott wave represents that the DOT token could trigger the 3rd rising wave. This would split the $10 mark in the coming sessions.
Polkadot Price Prediction: Is a $10 Level Breakout Next?
Polkadot crypto price surged over 5% intraday and generated an immense upward thrust. The token has rallied past the key EMA lines and is primed for a significant upside in the following sessions.
The sentiment among the market participants was bullish. Furthermore, the investors persisted in accumulating the DOT token at every dip.
Data from Santiment revealed that the weighted sentiment curve surged above the zero line. That replicated the bullish sentiment.
Going forward, DOT’s Relative Strength Index (RSI) line at 72 hinted at strong buying interest. Alongside the overbought signal, a bullish divergence was noted. This signaled further upside ahead.
Moreover, the Average Directional Index (ADX) gave a bullish conviction and replicated that the uptrend was intact. At press time, the ADX curve was approaching the 50 midline zone.
Furthermore, significant prolonged buildup activity happened overnight, as the Open Interest (OI) has risen over 6.02% to $455.42 Million. The key support levels for DOT crypto were $8 and $7.30. At the same time, the resistance levels were $9 and $10.20.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
