Polkadot’s DOT (DOT) surged as much as 5% in the last 24-hours, climbing from $3.52 to $3.70 as bulls dominated the session, according to CoinDesk Research’s technical analysis model.
The model showed that a key breakout occurred at 19:00 on July 9, with DOT spiking to $3.63 on heavy volume of 4.21 million.
The rally in Polkadot came as the wider crypto market also rose, with the broader market gauge, the CoinDesk 20, recently up 3.5%.
Bitcoin, the world’s largest cryptocurrency, was approaching all-time highs at $112,000.
In recent trading, DOT was 3.5% higher over 24 hours, trading around $3.67.
Technical Analysis:
- Robust volume-based support established around $3.54 during the 18:00-21:00 surge on 9 July.
- Key resistance levels identified at $3.69-$3.70 where price encountered dual reversals during the session.
- Conventional support formed at $3.49 during the 14:00 session decline on 9 July.
- Critical support established around $3.68 levels during the 60-minute bearish pressure period.
- Momentum indicators signal oversold conditions suggesting potential consolidation.
- Elevated trading volumes exceeded 4.2 million during the principal rally phase.