Polkadot Price Analysis: DOT Eyes Major Resistance Break Toward $7.00

Polkadot (DOT) is currently trading at $2.12, as the conditions in the market are still dynamic. The price has fallen by 1.68% in the last 24 hours. This action came after a short break following a stretch of consistent increases.

The trading volume grew by 29.52% and is currently standing at $172.04 million. Over the past seven days, the token price has risen by 15.89%, indicating long-term purchasing activities.

Source: CoinMarketCap

Polkadot Holds Support as Analysts Identify Upside Targets

Analyst Jonathan Carter highlighted that DOT is trading above the bottom of a falling wedge in the two-week chart. The trend has not actually changed during the recent consolidation period, and the price has been responding to the same support zone repeatedly.

The analyst pointed out that momentum began to increase at this point. The recovery built up with growing engagement rather than decreased activity. He has described several levels of upside linked to the wedge structure, such as $3.00, $4.30, $7.00, $10.50, and $24.00.

Source: X

Another analyst, Crypto King, mentioned DOT among a few altcoins underperforming in comparison with the overall market. He explained that the Polkadot ecosystem has continued to develop despite poor price performance. He also remarked that the high and unrestricted supply of DOT has continued to be a determinant in valuation.

Also Read: Polkadot (DOT) Eyes Reversal: Falling Wedge Signals Potential Toward $22

After the massive liquidation in October, DOT established a local low of about $1.50. It was the lowest point of the recent downturn. The price movement has since turned into stabilization, with the pressure to sell also calming down in the process.

Source: X

Recent charts indicate that DOT is currently positioned above its declining trendline. Crypto King has marked a possible near-term technical point as the $3.50 region. The analysis relied on price structure instead of future anticipations.

Source: X

Dot Trading Volume Rises as Open Interest Falls

CoinGlass data shows that trading volume increased by 31.13% and reached $343.30 million. The update reflected a noticeable rise in activity during the period. The figures captured the latest shift in market participation.

Open Interest declined by 2.17% to $225.23 million. The decrease showed reduced positioning across the market. The OI-weighted funding rate remained steady at 0.0050%.

Source: CoinGlass

Polkadot still trades in a recovery structure that is developing. The growth in volume and enhanced technical positioning indicate fresh market activity. Traders are also keeping track of whether the price can continue to push higher up beyond key support areas.

Also Read: FET Price Surges 32%: Falling Wedge Breakout Signals $0.50 Target