DOT Price Rises 4% as Institutional Buying Increases
Polkadot's DOT increased by 4% in 24 hours, rising from $3.65 to $3.80 due to institutional buying, as reported by CoinDesk Research. Key points include:
- Price breakout occurred between 10:00-11:00 GMT, moving from $3.68 to $3.79.
- Trading volume surged to 5.29 million units, almost three times the daily average of 1.83 million, indicating strong support at $3.68.
- Resistance at $3.80 is causing profit-taking on elevated volume.
- The staking rate on Polkadot decreased to 49.17% over the past week.
- The broader crypto market also saw gains, with the Coindesk 20 up by 3.7%.
- Recent trading showed DOT at approximately $3.76, reflecting a 3% increase over 24 hours.
Technical Indicators Analysis
- Institutional distribution at higher levels indicates a breakdown of the previous bullish trend.
- Strong support established at the $3.68 level, confirmed by high volume.
- Key resistance at $3.80 where price reverses on high volume.
- Upward momentum signaled by consistently higher lows suggests continued bullish sentiment.