Polkadot’s DOT Climbs Over 6% Amid Crypto Market Recovery
Polkadot’s DOT token gained more than 6% on Tuesday, lifted by positive momentum across the broader crypto market. The token’s advance was driven by strong trading volumes and a clear breakout past crucial resistance levels near $3.34 and $3.44, as highlighted by CoinDesk Research’s technical analysis.
Analysts observed that DOT found solid support around $3.25 during the 01:00 UTC trading hour, with increased volume helping stabilize the price before the surge.
The upward move for DOT coincided with a wider market rebound, as the CoinDesk 20 Index, which tracks leading crypto assets, rose 4.2% at the time of publication. Market sentiment also appears buoyed by an upcoming live AMA (Ask Me Anything) session hosted by Polkadot on X, scheduled for July 8.
At the latest reading, DOT was trading close to $3.57, reflecting a 7.2% gain over the past 24 hours.
Technical Takeaways:
- DOT advanced from $3.34 to $3.57 in the past 24 hours.
- Strong support was established around the $3.25 mark during the early 01:00 UTC hour, supported by heightened trading activity.
- A decisive breakout occurred between 13:00 and 15:00 UTC, with a surge in buying activity driving 4.2 million DOT tokens traded during the 15:00 hour, propelling the price above the $3.34 resistance level.
- The sharpest upward move was seen between 16:04 and 16:06 UTC, when DOT spiked approximately 3.2% on a volume burst of 261,000 tokens, successfully breaking past resistance at $3.44.
- DOT’s price action has traced an ascending channel, marked by higher highs and higher lows, indicating sustained bullish momentum.
