Polkadot (DOT) Surges 7%, Targets $12 and Beyond as DOT Consolidates Within a Crucial Supply Zone

NOIDA (CoinChapter.com) — Polkadot (DOT) has surged nearly 7% in recent trading sessions, trading just below the critical $6 resistance.

Cryptocurrency traders are closely monitoring Polkadot (DOT) after the token experienced a 7% surge in recent trading sessions. The move has traders optimistic about a potential breakout, given several bullish cues.

As spotted by CoinChapter, traders are now targeting $12 and beyond for DOT, with some predicting a rally to $11, based on Fibonacci levels. The 4-hour and weekly charts indicate strengthening momentum, with the MACD forming a bullish crossover and the RSI rising steadily from oversold levels.

SussexTrader also expressed optimism, suggesting short-term targets of $12, with further growth possible in this bull run. However, resistance at $6 remains the key test, as this level has historically acted as a significant barrier, requiring sustained volume to cross.

Should DOT fail to clear this zone, retracements to $5 or even $4.50 could occur. But with strong market sentiment and technical indicators favoring the upside, a sustained breakout appears more likely for DOT.

If successful, Polkadot could reclaim higher ground, making $12 a realistic near-term goal and setting itself up for even greater gains in the ongoing bull market.

The DOT USD pair also broke out of a bullish technical setup known as the ‘falling wedge.’ Two converging downward trendlines that connect lower highs and lower lows form the falling wedge, a bullish reversal.

The narrowing structure shows that, despite the ongoing downtrend, the bearish momentum is gradually weakening, often preceding an upward breakout. The key feature of a falling wedge is that the slope of the lower trendline is steeper than that of the upper trendline, indicating that selling pressure is dissipating.

When the breakout occurs—typically upward—it signals buyers taking control. To estimate the potential price target after a breakout, traders measure the vertical distance between the widest points of the wedge and project that range from the breakout point upwards.

According to technical analysis rules, the DOT USD conversion rate might rally nearly 174% from its current level to reach the pattern’s projected target of around $16.

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