What to know:
- Polkadot, that cheeky little rascal, rallied a delightful 4% amidst the crypto circus.
- Support has decided to cozy up at $3.68, while resistance is playing hard to get at $3.80.
In a twist worthy of a Dostoevsky novel, Polkadot’s DOT leapt a staggering 4% in the last 24 hours, frolicking from $3.65 to $3.80, all thanks to some institutional buying-because who doesn’t love a good institutional buy? CoinDesk Research’s technical analysis model, which sounds suspiciously like a fortune teller, confirmed this miraculous ascent.
The model, which surely has a crystal ball, revealed that the breakout was particularly lively between 10:00-11:00 GMT, as the price pirouetted from $3.68 to $3.79. Ah, the joys of timing!
Volume, that fickle friend, spiked to 5.29 million units-nearly three times the daily average of 1.83 million. It seems everyone decided to join the party at the $3.68 support level, as confirmed by our ever-reliable model.
But alas, resistance at $3.80 is like a strict schoolmaster, capping gains as profit-taking emerges on elevated volume. How rude!
Meanwhile, the staking rate on Polkadot has taken a little tumble to 49.17% over the past week. Perhaps it’s just feeling a bit shy?
The rally in Polkadot coincided with a broader crypto market rise, as the Coindesk 20, that grand arbiter of crypto fortunes, recently climbed 3.7%. It’s a veritable crypto renaissance!
In the latest trading escapade, DOT was 3% higher over 24 hours, trading around $3.76. What a rollercoaster ride!
Technical Indicators Analysis
- Institutional distribution at higher levels confirms the breakdown of the previous bullish structure from the 24-hour surge. Oh, the drama!
- Strong high-volume support has been established at the $3.68 level, with exceptional volume confirmation-like a standing ovation!
- Key resistance emerges at $3.80, where the price reverses on elevated volume. It’s like a game of musical chairs!
- Sustained upward momentum with consistently higher lows signals continued bullish sentiment. Hooray for optimism!
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2025-08-07 19:27