Polkadot Attempts Breakout Above $7.50 as Market Momentum Gathers

Polkadot price movement in the last 24 hours shows a remarkable upward trend as it pushes above the $7 mark, signaling a resurgence of bullish momentum amid broader market recovery efforts.The live trading price of Polkadot (DOT) has hit $7.18, revealing a significant uplift of 6.07% in the past 24 hours. DOT's market ranking holds steady at number 13, boasting a market capitalization of $10.3 billion. 

Over the last month, Polkadot has encountered bearish winds, recording a decrease of 22.98%. However, it's not all a downtrend for DOT; the three-month view portrays a 4.94% increment. The annual picture paints a brighter future, with DOT up by 19.88% compared to its price a year ago. This resilience mirrors the evolving crypto landscape and Polkadot's adaptability within it.

DOT's Milestone Achievements and Network Activity

Recently, Polkadot celebrated the creation of 600,000 unique addresses, an indicator of growing interest and expanding network usage. This achievement underscores the importance of user adoption and network expansion for DOT's valuation. Despite the slip to $8.4, a 12% drop within a couple of days, experts see this uptick in activity as a potential buffer against network congestion and spam.

Polkadot's price fluctuations have somewhat deviated from its network activity, with a notable increase in development activity not translating into immediate price gains. For example, a surge in development in January did not prevent a price decline from $7.33 to $6.64. Yet, the token showed resilience, bouncing back to a peak of $11.6 in March, demonstrating the complexity of factors influencing its valuation.

Polkadot (DOT) Eyes Upward Movement as Indicators Signal Strength

On the 4-hour chart for DOT/USD, Polkadot is exhibiting signs of a bullish trend, with the price currently above $7.10 handle. Observing the moving averages, DOT is performing above the 50-close ($6.776), but still below the more substantial resistance levels presented by the 100-close ($7.320) and 200-close ($9.383) moving averages. A decisive break above these levels could signify a more sustained upward trend.

The Relative Strength Index (RSI) is at 53.10, which is neutral territory; however, it leans towards a bullish divergence as it hovers above the 50 mark. This indicates that the buying momentum has slightly increased but isn't in the overbought territory, leaving room for potential growth.

Looking at the Moving Average Convergence Divergence (MACD), we observe a bullish crossover with the MACD line (blue) over the signal line (orange), and the histogram reflects this positive momentum with bars above the baseline at 0.023. This crossover is a typical bullish signal, suggesting that the momentum could continue in the short term.

The current trading price nears the resistance level at $7.176, with further resistance ahead at $7.617 and $8.424. These levels could play a critical role in determining whether DOT/USD can maintain its current momentum and possibly move higher. With no immediate signs of bearish reversal on the 4-hour chart, traders might be watching for a consolidation above these resistance levels to confirm a potential uptrend.