Polkadot
Falled on a significant sales pressure, fell as much as 5% before rebounding and potentially forming a double -bottom pattern that points to continued movement upwards, according to Coindesk Research’s technical analysis model.
After initially trying to establish an uptrend with a top of $ 3,787, dot encountered strong resistance and formed a bearish reversing pattern, according to the model.
In the latest trade DOT was 2.6% lower over 24 hours and traded about $ 3.63 after finding support for $ 3.59. The wider market meter, Coindesk 20, was down by 0.5% upon publication time.
The price action shows a potentially double bottom pattern that is formed with improvement of momentum, which suggests further upwards, if it maintains support above the price level of $ 3.62, the model showed.
Technical Analysis:
- DOT experienced a volatile 24-hour period with a significant range of 0.193 (5.1%), which initially tried to establish an increase with a top of $ 3,787 before encountering strong resistance.
- Price action formed a bearish reversing pattern as DOT could not hold over the $ 3.75 level, followed by accelerated high-volume sales within 10:00 and 13:00 hours when the volume was added almost 4 million units-good over the 24-hour average.
- Support emerged at $ 3,594, although the current pricing structure suggests further downward risk as DOT closed near the session low with debilitating momentum indicators.
- In the last hour, DOT experienced considerable volatility with a sharp fall from $ 3,643 to a low level of $ 3,594, followed by a recovery attempt.
- The price found strong support at the $ 3,594 level, triggering a V-shaped recovery that pushed the icing up by 1.3% to $ 3,642.
- The recent price action forms a potential double -bottom pattern with improvement of momentum, which suggests the possibility of continued movement upwards if DOT can maintain support over the $ 3.62 level.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
