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Polkadot Surges: Technical Signals Point to Continued Growth

source-logo  cryptonewsland.com 24 February 2024 22:19, UTC
  • Polkadot’s price has surged by 5.38% in the last 24 hours alone, reaching $7.78 with a significant trading volume.
  • Key technical indicators such as RSI, KST, and MACD suggest continued bullish momentum for Polkadot in the short term.
  • Despite potential corrections, analysts remain optimistic about Polkadot’s future growth trajectory.

Polkadot (DOT) has been on a notable upward trajectory in its price movement, witnessing a surge to $7.78 with a trading volume of $275 million within the last 24 hours, marking a 5.38% increase during this period.

The one-day Relative Strength Index (RSI) for Polkadot currently sits at 59.31, indicating a bullish trend in the short term. This metric measures recent price changes to assess whether a security is overbought or oversold.

Adding to the optimism is the one-day Know Sure Thing (KST) indicator, highlighting robust price momentum for Polkadot. The KST, a momentum oscillator, identifies bullish and bearish trends, with a positive reading suggesting upward momentum.

Moreover, the one-day Moving Average Convergence Divergence (MACD) reflects positively on Polkadot’s price trend. This trend-following momentum indicator indicates a likelihood of the cryptocurrency’s price maintaining its upward trajectory, bolstering the bullish sentiment surrounding Polkadot.

While analysts foresee a possible correction if Polkadot’s price dips below $6.59, overall sentiment remains optimistic. The cryptocurrency market has been characterized by higher highs and higher lows, indicative of ongoing strength.

$DOT: A break below $6.59 would clearly put the white scenario in control. Until then the yellow scenario has a chance and I follow it at the moment because the market shows a series of higher highs and higher lows. However, I have changed the micro structure of the yellow… pic.twitter.com/sO7ZlciKjJ

— Morecryptoonline (@Morecryptoonl) February 23, 2024

Looking ahead, CoinCodex’s current Polkadot price prediction suggests a potential 6.26% drop, projecting a price of $7.33 by February 29, 2024. Technical indicators indicate a bullish sentiment, with the Fear & Greed Index at 72 (Greed). Polkadot has seen 67% green days over the last 30 days, with 5.77% price volatility during this period.