Polkadot's DOT Rises 6% as Bullish Momentum Breaks Key Resistance

Polkadot's DOT surged 6% higher amid a rally in crypto markets, with strong volume supporting a decisive breakout through resistance at the $3.34 and $3.44 levels, according to CoinDesk Research's technical analysis model.

The model showed the price found strong support at $3.25 during the 01:00 hour with above-average volume, establishing a solid foundation for the subsequent rally.

The move higher in DOT came amidst a wider rally in crypto markets, with the broader market gauge, the Coindesk 20, up 4.2% at publication time. Polkadot is also holding a live AMA (Ask me Anything) on X on July 8.

In recent trading, DOT was 7.2% higher over 24 hours, trading around $3.57.

Technical Analysis:

• DOT climbed from $3.34 to $3.57 in the last 24 hours
• The price found strong support at $3.25 during the 01:00 hour with above-average volume, establishing a solid foundation for the subsequent rally.
• A decisive breakout occurred during the 13:00-15:00 UTC period with exceptionally high volume (4.2M in the 15:00 hour alone), pushing DOT through previous resistance at $3.34.
• The most explosive price movement occurred between 16:04-16:06 UTC, where DOT jumped nearly 3.2% with exceptionally high volume (261K), breaking through key resistance at $3.44.
• Price action formed a clear uptrend channel with higher lows and higher highs, suggesting continued bullish momentum.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

View Comments