Polkadot has recently witnessed a surge in demand, leading to a price uptick that has breached its previous swing high and broken through a multi-month descending trendline. The price is now approaching the upper boundary of its consolidation range and is on the brink of surpassing it.
Technical Analysis
By Shayan
The Daily Chart
A detailed analysis of Polkadot’s daily chart shows that after a prolonged phase of sideways consolidation, a renewed spike in demand has pushed the price higher. This surge has allowed Polkadot to break through several key resistance levels, including a descending multi-month trendline, the prior swing high of $7.47, and the 200-day moving average.
Now, the price is approaching the upper boundary of this long-standing range and is on the verge of breaking above it.
If the buyers manage to push above this range, it could signal the beginning of a sustained bullish trend. However, if…
