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Polkadot’s DOT Rallies 5% as Crypto Markets Surge, Bitcoin Nears Record Highs
Polkadot’s native token DOT climbed as much as 5% over the past 24 hours, rising from $3.52 to $3.70 as bullish momentum swept through the market, according to technical analysis from CoinDesk Research.
The token’s breakout occurred around 19:00 on July 9, when DOT spiked to $3.63 on robust volume exceeding 4.21 million tokens.
The rally came amid a broader crypto upswing, with the CoinDesk 20 index gaining 3.5%, reflecting widespread investor optimism. Meanwhile, Bitcoin (BTC), the world’s largest cryptocurrency, was inching closer to its all-time high near $112,000.
As of the latest trading session, DOT was up 3.5% on the day, hovering around $3.67.
Technical Analysis Highlights
- Strong volume-based support emerged near $3.54 during the surge between 18:00 and 21:00 on July 9.
- Resistance zones were noted at $3.69–$3.70, where the price faced dual rejections during the session.
- Conventional support was established at $3.49 following a price dip around 14:00 on July 9.
- Critical support held near $3.68 amid a one-hour stretch of bearish pressure.
- Momentum indicators suggest oversold conditions, hinting at potential short-term consolidation.
- Trading volumes surpassed 4.2 million during the primary rally phase, highlighting strong market participation.
