Polkadot's Breakout Above Consolidation Range Triggers Bullish Sentiment

Polkadot's recent breakout above its consolidation range has triggered a shift in market sentiment towards a bullish trend. The cryptocurrency's price has rallied from $1.27, demonstrating strong upward momentum and reclaiming the 200-day exponential moving average (EMA). This development has significant implications for DOT's short-term price dynamics.

The breakout above the consolidation range has cleared key technical resistance levels, paving the way for further price increases. Bulls are now targeting a price of $1.75 as the market structure suggests continued upward momentum. However, it is essential to note that spot outflows persist, although distribution pressure appears to be easing.