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Bullish momentum has returned to the larger crypto market over the past 24 hours. Notable movements after the altcoin was registered included Polkadot (DOT) Strong gains were made during this period.
Likewise, at the time of this writing, the cryptocurrency’s price was testing a significant supply zone around $1.60. This level can define the next move as b.Enforcers are tightening control over the derivatives market.
Market positioning is shifting in favor of the bulls
The number of long positions in the market has doubled the number of short positions. At the time of writing, the long/short ratio of the token was 2.191.
This imbalance signaled increased confidence among traders. He also emphasized that: Polkadot Participants can bet at higher prices.
At the same time, Open Interest increased by $10 million.
Generally, an increase in Open Interest along with price increases usually means new capital entering the market. Such a finding also supports that the trend continues.
The change in the funding rate increases the upward trend
Another important signal here is the funding rate. At press time, polka dotThe weighted funding rate turned slightly positive. In fact, it sat just above the balance at 0.0077%.
Such a change usually indicates improved sensitivity. In this particular case, this meant that investors might be willing to pay a premium to hold a long position. This usually occurs in the early stages of an uptrend.
As a result, the current setup may offer a window for accumulation for traders and investors looking to take on more orders.
Momentum builds near resistance
Finally, on the daily chart, the token’s price action appeared to be approaching a critical phase. The strong supply zone near $1.60 could be the next price barrier for the market’s opportunistic bulls.
Historically, such regions have been subject to selling pressure. Therefore, an exit would require constant receiver power.
Momentum is already building. However, its continuation will depend on whether buyers continue to dominate.
A successful break above this level could open the door to higher liquidity zones.
What awaits Polkadot?
Simply put, the altcoin’s market structure is becoming constructive. Buyer dominance is increasing, Open Interest is expanding, and Polkadot’s funding sentiment has also turned positive.
If these factors persist, DOT may attempt a breakout. However, failure to maintain pressure may lead to short-term rejection.
Final Summary
- Polkadot price It tested the resistance at $1.60 as long positions doubled the short positions in the market.
- Funding turned positive as open interest increased by $10 million, signaling an increasing uptrend and a potential accumulation phase.
