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  • Over 5,000 new Polkadot accounts created within 24 hours signal heightened network interest and user engagement.
  • Polkadot breaks above key $4.90 resistance, moving toward next resistance at $5.60 as bullish momentum gains pace.
  • Volume surge, golden cross crossover, and strong support levels highlight a potential long-term bullish trend for Polkadot’s DOT.

Polkadot has witnessed a significant rise in new accounts over the past three days, with over 5,000 accounts created within the last 24 hours on its relay chain. This increase aligns with a notable shift in Polkadot’s market dynamics, characterized by key technical trends on the DOT/USDT pair. With the recent price action surpassing major resistance levels, Polkadot is gaining traction as bullish patterns emerge.

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Major Breakout Sets Stage for Potential Trend Shift

Polkadot’s price recently broke out from a prolonged downward trend marked by descending trendlines. This breakout indicates a move from the bearish movement and suggests a potential upward trend. 

Polkadot Breaks Key Resistance as DOT Eyes Major Gains with Surging Account Activity
Source: Flash

Between mid-August and early November, DOT’s price consolidated within a range between $3.62 and $4.90, creating an accumulation phase with strong buying pressure at the lower boundary. 

Additionally, a bullish reversal pattern, known as a falling wedge, took form within this consolidation zone. The breakout from this wedge aligns with DOT’s recent rally, which saw prices rise sharply from the previous $4.90 resistance to $5.60.

Price Levels Indicate Key Support and Resistance

Polkadot’s current price structure reveals major levels that could shape its movement. A critical support level lies at $3.62, the lowest point of the recent consolidation, while $4.90 now serves as support following the breakout. 

The $5.60 level, Polkadot’s recent peak, acts as short-term resistance. If bullish momentum holds, further targets may lie at $7.50, a mid-term resistance, with a long-term potential target at $9.43. These levels serve as crucial indicators for tracking Polkadot’s progress and potential retracements, especially if prices test these support areas in a future pullback.

Volume, Moving Averages, and Market Momentum

Polkadot’s price rally coincides with a surge in trading volume, indicating strong buyer interest and supporting the breakout. The recent rise also triggered a golden cross event, where the 50-period moving average crossed above the 200-period moving average, a positive indicator of a potential shift toward an upward trend.

Polkadot Breaks Key Resistance as DOT Eyes Major Gains with Surging Account Activity
Source: Santiment

Meanwhile, resistance at $5.73 has held back further gains, making this level a key focus for near-term movement. If Polkadot can surpass this barrier, it may aim for higher targets around $7.26, aligning with previous highs.

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