Polkadot's price has surged following a breakout from a falling wedge pattern, hinting at further gains. Technical indicators point towards a potential move to $9.23, with a possibility of reaching $12 if resistance levels are overcome. Bullish sentiment is strong, supported by growing social volume and optimistic funding rates. However, maintaining its upward momentum depends on holding above key resistance levels and avoiding excessive leverage.
At press time, DOT was trading at $7.42, following a 6.25% hike in 24 hours. As expected, this breakout has sparked optimism among DOT traders, who are closely monitoring key resistance levels. Hence, the question – Will Polkadot maintain its upward momentum and aim for $12 now? Polkadot ’s price action hinted at a clear path for further gains following the daily chart’s falling wedge breakout, with the same projecting a 51% upside potential.
However, failure to hold $7.89 may result in consolidation, delaying further upward movement. Therefore, holding above this level is critical for maintaining its bullish trajectory.At the time of writing, the Binance funding rate for DOT had a reading of 0.01% – Highlighting an optimistic outlook among leveraged traders. It also hinted at increased demand for long positions, in support of the altcoin’s ongoing rally.
Therefore, it is essential for funding rates to remain steady to avoid overextension. Additionally, stable funding conditions will likely encourage more traders to enter long positions, further driving upward momentum.DOT’s social volume has been steadily increasing too, with recent data showing 84 mentions within the last day. Now, although this figure is slightly lower compared to previous spikes, the overall trend remains positive – A sign of growing community interest.
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