Polkadot's DOT Surges 6% Following Bullish BreakoutPolkadot's DOT exploded 6% higher in the last 24-hours, surging from $3.88 to $4.11 on massive volume, according to CoinDesk Research's technical analysis model.
The model showed the breakout established resistance at the $4.11 level before the token consolidated between $4.05-$4.07 as profit-taking kicked in.
The consolidation signals healthy profit-taking after the morning breakout, with support holding above $4.05 level, according to the model.
In recent trading DOT was 6% higher over 24 hours, trading around $4.07.
The wider crypto market was also notably higher, with the broad market gauge, the CoinDesk 20, up 5%.
Technical Analysis:
- Overall range hits $0.30 during breakout rally.
- Volume exploded to 7,009,142 units during 4% single-hour gain at 8:00.
- Trading volume crushed 24-hour average by 5x during peak momentum.
- Strong resistance forms around $4.11 level where selling pressure emerges.
- Support maintained above $4.05 level during consolidation phase.
- Two correction waves identified during profit-taking period.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Source:
Polkadot's DOT Surges 6% Following Bullish Breakout
Shoutbox
Phishing, deepfakes, supply... by Administrator
Total Members: 205
