Polkadot DOT Reclaims Key Support Level of $3.96 After Correction
Polkadot's token, DOT, has regained bullish momentum after bouncing back from a low of $3.753 to retake the support level at $3.96, as per CoinDesk Research's technical analysis.
- DOT underwent a 7.06% correction from $4.038 before establishing strong support.
- The price formed an ascending channel and reclaimed $3.95 with increased buying pressure.
- Volume during the correction exceeded 5.9 million, followed by 1.7 million during recovery.
- Key resistance is identified at the $3.98-$4.00 range, with immediate support at $3.95.
- A higher low pattern emerged post-pullback, indicating bullish trends.
- The psychological support level of $3.96 was defended, supporting the recovery narrative.
The current trading price is around $3.97, reflecting a 1.3% decrease at the time of reporting. The broader market, represented by the CoinDesk 20 CD20 index, is down 0.8% amid market fluctuations.