Polkadot (DOT) Price: Token Rises 3.88% to Test $1.25 Resistance
by Maisie Morrison · BlockonomiTLDR
Table of Contents
- Polkadot (DOT) rose 3.88% in a day and traded near $1.23, just below resistance at $1.25.
- DOT now trades above its 7-, 20-, 50- and 200-day moving averages.
- MACD momentum has flattened, and RSI sits near 60.
- Top Binance futures traders are 68.1% long, but open interest fell 2.45% in 24 hours.
- Traders are watching for a high-volume close above $1.25. On the downside, $1.16 is the key line.
Polkadot (DOT) gained 3.88% on Monday and reached around $1.23. The token is now pressing against resistance at $1.25.
During the session, DOT traded between $1.18 and $1.24. It came within a cent of resistance and held close to the day’s high.
The move follows weeks of tight trading. A few weeks ago, DOT’s 50-day and 200-day moving averages sat in the $1.02 to $1.06 range.
Now the price is above all of its major moving averages, including the 7-, 20-, 50- and 200-day lines. The shorter averages also sit above the longer ones.
Momentum Indicators Flatten
Other indicators show a mixed picture. The MACD and its signal line have met, and the histogram shows no gap between them.
This suggests buying momentum has stopped growing. The Relative Strength Index (RSI) is near 60, which leaves room before the token is considered overbought.
The Stochastic indicator is moving toward its upper range. That points to a short-term cycle that may be maturing.
DOT’s price has used about 74% of its Bollinger Band range. The lower band sits at $1.05, and the upper band is at $1.29.
A daily close above $1.29 would mark a move into a new, higher range. On the downside, $1.22 is the pivot point and $1.20 is immediate support. A close below $1.20 could send the price toward $1.16 to $1.17.
The Average True Range (ATR) is $0.09. That equals a daily swing of about 7%.
Futures Traders Lean Long
Derivatives data shows most traders are betting on higher prices. Top traders on Binance futures are 68.1% long, with a long-to-short ratio of 2.13 to 1. Retail traders are 62.7% long.
Recent order flow tells a different story. In the latest hour, sell volume was about 21% higher than buy volume.
Open interest also dropped 2.45% over 24 hours. This means traders closed positions even as the price rose.
The funding rate is neutral at 0.0100%. This shows there is no heavy buildup of leveraged long bets.
Spot trading volume on Binance was about $11.5 million for the session. According to the analysis, a breakout above $1.25 would need two to three times the current daily volume.
Blockchain.news analyst Terrill Dicki puts the odds of a bullish outcome at 52%. In that case, a high-volume close above $1.25 could open a path to $1.27 and $1.29, and later to $1.35 to $1.38 over 30 days.
He gives the bear case a 48% chance. A break below $1.16 could lead to a retest of the $1.02 to $1.06 range.
As of 10:19 UTC on Monday, DOT was trading at $1.21.