Polkadot’s DOT Bounces 4% After Forming Triple Bottom at $3.47 Support Level
DOT rebounded, gaining 4%, after dropping 3.67% to $3.464, where it found strong support, according to CoinDesk Research’s technical analysis model. The move higher was on strong volume, the model showed.
A bullish reversal pattern has formed with consecutive higher lows since the bottom, which suggests further potential upside, according to the model.
In recent trading, DOT was 0.5% lower over 24 hours at around $3.57. The broader market gauge, the CoinDesk 20, was 1.2% higher at publication time.
Technical Analysis:
- DOT experienced a 3.67% correction from $3.596 to $3.464 before finding strong support.
- Volume exceeded 2.5M units at the $3.47 support level, significantly above the 24-hour average.
- A bullish reversal pattern formed with consecutive higher lows since the bottom.
- V-shaped recovery pattern emerged starting at 11:43, with volume increasing to over 34,000 units during the 11:45 timeframe.
- Price broke through multiple resistance levels, reaching a peak of $3.559 at 12:09.
- Potential continuation of upward momentum if the $3.57 resistance can be cleared.
Disclaimer: Portions of this article were generated with the assistance of AI tools and reviewed by CoinDesk’s editorial team for accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
