DOT Transactions Set New High: Can Polkadot Price Reach $20 Mark?

• Polkadot price has advanced by 156% since November.
• As per analysts, sustaining the $10 level could lead to a new ATH.

Polkadot (DOT) crypto has been bullish since November and has surged by 156%. The bullish trend was paused near the 200-day EMA territory and triggered a pullback.

Polkadot price took support on the 20-day EMA and witnessed a sharp bullish move. In the first attempt, the bullish rally was interrupted near the crucial level of $10.

The DOT price has shown mild weakness after facing resistance from the $10 mark. However, it managed to defend the $8 level, and buyers lifted the price over the $10 level. Based on the technical chart structure, the price wandered in the previous swing high territory.

Monthly Transaction Count in Polkadot Enhanced

As liquidity rotation accelerated in November, Polkadot profited from fresh market excitement. This December, it appears that the effect is still present. According to a recent TokenTerminal report, Polkadot crypto monthly transactions hit a record high.

Along with the November surge in transactions, volume also climbed. On November 25, the network saw its greatest single-day volume in the preceding four weeks, at 3.71 billion. DeFiLlama revealed that information.

Could the Polkadot Price Overcome this Massive Accumulation Phase?

When writing, the Polkadot price was trading at $10.05 with an intraday gain of 2.23%. Its market capitalization was $15.34 Billion. Moreover, the 24-hour trading volume was $1.49 Billion.

On a wider time frame, the price has been struggling below the $10 mark since May 2022. Buyers have attempted four times to overcome this zone. Sellers were strong enough and dragged down the price.

The current market sentiment is bullish, and altsession seems to have started. The DOT price has knocked the $10 territory; the breakout is anticipated. It could attract buyers once it triggers a breakout from the $10 mark.

Massive buying pressure may be applied once the token’s price exits the accumulation phase. Investors might show interest in this breakout, which could result in a massive bullish trend. It might recover previous losses in a few months.

Alternatively, if the Polkadot price fails to hold the $10 mark, it would generate a panic situation. This level is a significant resistance zone, and sellers might be active here.

If the price forms a bearish candlestick pattern, sellers may lead to a further trend. Here, most investors might prefer to book profit, which could lead to a bearish momentum.

Polkadot Crypto Price Analysis By Seeing Trend

Polkadot crypto has demonstrated a significant bullish trend. The token climbed 156% since November, potentially surpassing the critical $10 mark.

While it faced resistance around this level, the overall market sentiment remained positive. This suggested that a breakout could attract more buyers and lead to a bullish trend.

However, there are risks involved. Failure to maintain the $10 support could trigger a bearish reaction, prompting investors to secure profits.

The coming weeks could be crucial. DOT’s ability to maintain its rising trajectory or give in to selling pressure will be determined over the next few weeks.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.