Polkadot's DOT Advances Over 4% Amid Robust Recovery
Main Idea
Polkadot's DOT token rose over 4% after defending key support levels, with technical analysis suggesting potential further gains toward the $4.15-$4.20 range.
Key Points
1. DOT gained 4% to $4.12 after defending support levels around $3.84-$3.86.
2. Technical analysis indicates a potential upward move toward the $4.15-$4.20 Fibonacci extension target.
3. A volume surge exceeding 216,000 during a specific UTC window confirmed bullish momentum above $4.060.
4. Polkadot ranked 2nd in ecosystem development with 4,337 commits, trailing Ethereum.
5. The broader crypto market also rose, with the CoinDesk 20 index up 1%.
Description
DOT demonstrated resilience with a robust recovery rally, rising over 4% to $4.12 after defending pivotal support levels around $3.84-$3.86, according to CoinDesk Research's technical analysis model. The model showed that the cryptocurrency breached resistance at $3.92 with exceptional volume exceeding 7 million, suggesting institutional accumulation and continued upward momentum towards $4.15-$4.20 targets. Developer activity data reveals Polkadot positioned 8th in core development with 72 comm...
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