DOT/USD has surged 6% on the day, reaching an intraday high of $41.08 as bulls target $50
Polkadot has staged a steady rebound, following a bullish trend line on the 4-hour chart that helped lift the price back above $30.
The digital asset is trading near $39.12 at the time of writing, roughly 6% higher on the day and up about 16% over the past week. Today’s rally pushed DOT to an intraday peak of $41.08 before sellers emerged and capped further gains.
If DOT’s momentum continues in line with recent advances seen among major altcoins such as Ethereum, Litecoin, and XRP, the token could revisit and potentially exceed its previous highs, with bulls targeting the $50 mark.
The cryptocurrency currently has a market capitalization of around $36 billion, placing it eighth in the broader market, just behind Cardano (ADA), which holds about $48.6 billion.
Polkadot price analysis
DOT reached an all-time high of $48.36 on April 17 before entering a downtrend as sellers pushed prices below the 200-day simple moving average (SMA). The decline continued, driving the price beneath the 50% Fibonacci retracement level measured from the $48.36 high to the $26.38 low.
From a technical perspective, the MACD remains in bullish territory, with the histogram turning green and trading above the baseline. Price action is also oscillating near the upper band of the Bollinger Bands, indicating upward pressure but also a potential for short-term consolidation.
As long as buyers defend levels above the 200 SMA (around $38.07), bullish momentum is likely to challenge immediate resistance at the 61.8% Fibonacci retracement level near $40.05.
If bulls can push through that level and hold gains, the next target sits at the 78.6% Fib level near $43.78. Clearing that obstacle would open a path toward the prior high of $48.36 and could extend toward $54.61 on sustained strength.
DOT/USD 4-hour chart. Source: TradingView
On the flip side, a stronger bearish presence around the 200 SMA could overwhelm buyers and send prices lower. A break below the 200 SMA would likely push DOT toward the middle Bollinger Band, where the 50% Fibonacci retracement level sits at approximately $37.41.
Below that, the lower Bollinger Band and the 38.2% Fib level form a supportive demand zone near $34.78. Should market sentiment turn decisively negative, DOT/USD could face sharper short-term declines, with potential support tests near $30 and, in a more severe correction, the $26.00 area.