Polkadot's price surged by 7% over the past day to $0.887, according to Traders Union.
The token is currently trading above its short and medium-term moving averages, indicating near-term buying momentum.
However, despite this bullish signal, the Relative Strength Index (RSI) at 80.155 indicates overbought conditions, suggesting a risk of price exhaustion.
The technical indicators point to buyer dominance, but also caution that DOT's price may consolidate within a narrow range of $0.866 to $0.917 over the next 2-3 days.
Bitwise removed Polkadot from its 10 Crypto Index ETF, which could limit institutional flows and demand for the token, but the market has shown resilience in response to this change.