Polkadot’s DOT Rises 6.3% Amid Renewed Market Interest
Polkadot (DOT) increased by 6.3%, driven by interest in its parachain ecosystem and Polkadot 2.0 developments, alongside a broader crypto market rally. The closing price reached $4.129, surpassing the $4.10 resistance level, indicating bullish sentiment.
Current trading stands at approximately $4.285, with the CoinDesk 20 CD20 index up 4.3% at publication time.
Technical Analysis:
- DOT formed an ascending channel over 24 hours, peaking at $4.215, establishing a new resistance level.
- A moderate pullback occurred after this peak, suggesting profit-taking while maintaining gains above $4.10.
- DOT climbed from $4.014 to $4.126, reflecting a 5.5% gain amid significant volatility.
- A breakout happened between 21:00-22:00 as prices surged past $4.10 on high volume.
- Key support was established at $3.987 due to high-volume buying at the 13:00 low.
- A sharp breakout between 07:21-07:26 reached a local high of $4.138 with very high volume (98,733 units).
- A minor pullback followed, with consolidation around the $4.115 support level before another rally.
- DOT maintained an ascending channel pattern with higher lows towards the end.