Polkadot’s DOT Rises Over 4% Following Strong Support Defense
Polkadot (DOT) rose over 4% to $4.12, defending key support levels between $3.84 and $3.86. This increase was supported by a strong technical analysis indicating several important points:
- Established support around the $3.84-$3.86 zone after hitting a low of $3.82.
- Breached resistance at $3.92 with volume exceeding 7 million, indicating institutional buying.
- Maintained consolidation range between $3.88-$3.92, suggesting further upward movement.
- Formed an ascending channel with support at $4.00-$4.02 in the final hour.
- Fibonacci extension targets set at $4.15-$4.20.
- Volume surged beyond 216,000 during a short trading window, confirming bullish momentum above $4.06.
The broader crypto market also saw a rise, with the Coindesk 20 index increasing by 1%.