Polkadot’s DOT Price Drops Back to $3.90 Support Level
Polkadot's DOT increased over 2% on Thursday, indicating institutional interest. CoinDesk Research's technical analysis highlights the following key points:
- Initial support tested at $3.81, advancing to $4.02 with a volume of 4.6 million units.
- Trading volumes above 320,000 units during declines suggest institutional repositioning.
- Support levels established around $3.90-$3.91 due to buying interest.
- The price retreated to the $3.90 support after reaching $4.02.
- $6 million investment from Paraguay in a Polkadot-based tokenization initiative supports blockchain development.
Technical Analysis:
- 24-hour trading range: $3.81 to $4.02, 5.2% volatility.
- Professional support confirmed at $3.90-$3.91.
- Resistance threshold at $4.02 identified through volume dynamics.
- Institutional participation indicated by volumes exceeding 320,000 units.
- Recovery from $3.81 to $4.02 shows market depth with 4.6 million units traded.
- Consolidation between $3.91-$3.95 suggests ongoing institutional accumulation.