Polkadot’s DOT Rises Up to 5% as Bitcoin (BTC) Approaches Record Highs

Polkadot’s DOT surged as much as 5% in the last 24 hours, climbing from $3.52 to $3.70 as bulls dominated the session, according to technical analysis. The analysis indicated that a key breakout occurred at 19:00 on July 9, with DOT spiking to $3.63 on heavy volume of 4.21 million. The rally in Polkadot coincided with a rise in the broader crypto market, which recently increased by 3.5%. Bitcoin, the world’s largest cryptocurrency, was nearing all-time highs at $112,000.

In recent trading, DOT was 3.5% higher over 24 hours, trading around $3.67.

Technical Analysis: Robust volume-based support was established around $3.54 during the 18:00-21:00 surge on July 9. Key resistance levels were identified at $3.69-$3.70 where the price encountered dual reversals during the session. Conventional support formed at $3.49 during the 14:00 decline on July 9. Critical support was established around $3.68 during the 60-minute bearish pressure period. Momentum indicators signal oversold conditions, suggesting potential consolidation. Elevated trading volumes exceeded 4.2 million during the principal rally phase.