Polkadot's DOT Faces Bearish Pressure Despite Recovery Attempts

Polkadot's DOT encountered ongoing bearish momentum despite several recovery attempts, fluctuating between $3.87-$4.11 throughout the 24-hour timeframe, according to CoinDesk Research's technical analysis model.

The model showed that substantial institutional purchasing activity developed at critical support zones around $3.87-$3.93, notably during elevated volume sessions at 03:00 and 14:00 hours.

Significant support has developed in the $3.87-$3.93 range with resistance at the $4.11 level, according to the model.

The drop in Polkadot came as the wider crypto market also fell, with the broader market gauge, the Coindesk 20, recently down 3%.

In recent trading, DOT was 1.9% lower over 24 hours, trading around $3.94.

Technical Analysis:

• Trading range of $0.24 constituting 6% differential between peak of $4.11 and trough of $3.87.
• Volume surpassed 24-hour average of 2.87 million during critical support evaluations at 03:00 and 14:00 hours.
• Robust resistance at $4.11 threshold with escalated selling momentum establishing upward movement ceiling.
• Support territory established within $3.87-$3.93 range with significant buying interest on elevated volume.
• V-shaped recovery formation emerged in final trading period with sustained rally from $3.92 minimum.
• Breakthrough above $3.94 resistance threshold suggesting potential short-term sentiment transformation.

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