Over the past 24 hours, Polkadot surged by 9.2% to reach $2.28, surpassing the overall crypto market trends.
According to technical analysis from CoinDesk Research, DOT breached the significant $2.25 resistance level that had previously restricted gains.
The analysis indicated a 60% increase in trading volume compared to the seven-day average, highlighting real institutional interest behind this breakout.
This price movement exhibited a classic ascending pattern, with DOT rising from $2.08 to $2.30, a range of 11.6%, as per the analysis.
Higher lows were noted at $2.08, $2.23, and $2.29, indicating a strong bullish trend, the model indicated.
A double-top pattern around $2.301 suggests potential near-term resistance.
The wider crypto market also showed positive momentum, with the CoinDesk 20 index reflecting an 8% increase.
Technical Analysis
- The former $2.25 resistance is now acting as a vital support level; upward movement is met with the $2.30-$2.301 double-top formation.
- Trading activity is 60% above the seven-day average, confirming institutional flows that exceed algorithmic noise; peak volume at breakout validates $2.25 as a crucial technical benchmark.
- The ascending trend featuring higher lows at $2.08, $2.23, and $2.29 reinforces a bullish structure; the double-top near $2.301 indicates potential consolidation prior to further movement.
- A definitive break above $2.31 could lead to additional upside, with $2.25 support providing a defined risk; current levels present favorable risk-reward for continued trades.
Disclaimer: This article includes AI-generated content, reviewed by our editorial team to ensure accuracy and compliance with our standards. For further details, refer to CoinDesk’s complete AI Policy.
