Polkadot's DOT Rises 6% as Bullish Momentum Breaks Key Resistance

Polkadot's DOT surged 6% higher amid a rally in crypto markets, with strong volume supporting a decisive breakout through resistance at the $3.34 and $3.44 levels, according to CoinDesk Research's technical analysis model.

The model showed the price found strong support at $3.25 during the 01:00 hour with above-average volume, establishing a solid foundation for the subsequent rally.

The move higher in DOT came amidst a wider rally in crypto markets, with the broader market gauge, the Coindesk 20, up 4.2% at publication time. Polkadot is also holding a live AMA (Ask me Anything) on X on July 8.

In recent trading, DOT was 7.2% higher over 24 hours, trading around $3.57.

Technical Analysis:

• DOT climbed from $3.34 to $3.57 in the last 24 hours
• The price found strong support at $3.25 during the 01:00 hour with above-average volume, establishing a solid foundation for the subsequent rally.
• A decisive breakout occurred during the 13:00-15:00 UTC period with exceptionally high volume (4.2M in the 15:00 hour alone), pushing DOT through previous resistance at $3.34.
• The most explosive price movement occurred between 16:04-16:06 UTC, where DOT jumped nearly 3.2% with exceptionally high volume (261K), breaking through key resistance at $3.44.
• Price action formed a clear uptrend channel with higher lows and higher highs, suggesting continued bullish momentum.