Polkadot (DOT) gained as much as 6.3% amid renewed interest in its parachain ecosystem and Polkadot 2.0 developments, and a wider rally in the crypto market.
Closing price of $4.129 positions DOT above the psychological $4.10 resistance level, suggesting continued bullish sentiment, according to CoinDesk Research’s technical analysis model.
DOT is currently 6% higher, trading around $4.285
The broader market gauge, the CoinDesk 20 CD20 index was 4.3% higher at publication time.
Technical Analysis:
- DOT formed an ascending channel throughout the 24-hour period, with the $4.215 peak at 01:00 establishing a new resistance level.
- A moderate pullback followed the peak, suggesting profit-taking after the rally while maintaining most gains above the $4.10 psychological level.
- Strong bullish trend continued with DOT climbing from $4.014 to $4.126, representing a 5.5% gain with significant volatility.
- Notable breakout occurred during 21:00-22:00 timeframe when prices surged past the $4.10 resistance level on above-average volume.
- Key support established at $3.987 following high-volume buying at the 13:00 low.
- Sharp breakout between 07:21-07:26 reached a local high of $4.138 with exceptionally high volume (98,733 units), confirming strong buyer interest.
- Minor pullback followed as prices consolidated around the $4.115 support level before staging another rally.
- DOT formed an ascending channel pattern with higher lows in the final minutes.
- Closing price of $4.129 positions DOT above the psychological $4.10 resistance level, suggesting continued bullish sentiment