DOT Gains as Much as 4% in Strong Bullish Breakout
Polkadot's DOT rose as much as 4% in the last 24 hours, climbing from $3.65 to $3.80 on institutional buying, according to CoinDesk Research's technical analysis model.
The model showed that the breakout accelerated between 10:00-11:00 GMT as price rose from $3.68 to $3.79.
Volume spiked to 5.29 million units, nearly 3x the daily average of 1.83 million, confirming strong accumulation at $3.68 support, according to the model.
Resistance caps gains at $3.80 as profit-taking emerges on elevated volume.
The staking rate on Polkadot has slipped to 49.17% over the last week.
The rally in Polkadot came as the wider crypto market also rose, with the broader market gauge, the Coindesk 20, recently up 3.7%.
In recent trading, DOT was 3% higher over 24 hours, trading around $3.76.
Technical Indicators Analysis
- Institutional distribution at higher levels confirms breakdown of previous bullish structure from 24-hour surge.
- Strong high-volume support established at $3.68 level with exceptional volume confirmation.
- Key resistance emerges at $3.80 where price reverses on elevated volume.
- Sustained upward momentum with consistently higher lows signals continued bullish sentiment.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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