What You Need to Know:
- The DOT token recently rose more than 2%, supported by substantial trading volumes, before retracting to approximately $3.90.
- Current support is noted between $3.90 and $3.91, while resistance has been set at $4.02.
Earlier on Thursday, DOT experienced a rise exceeding 2%, indicating strong institutional involvement as per CoinDesk’s research analytics. The technical assessment suggests that the asset displayed classic signs of institutional accumulation, starting from a support test at $3.81 before climbing to $4.02 with a transaction volume of around 4.6 million units.
Key Insights from Technical Analysis:
- The token generated a trading range of $0.21, demonstrating 5.2% volatility from a floor of $3.81 to a ceiling of $4.02 during the 24-hour session.
- Confirmation of professional support was established at levels between $3.90 and $3.91, supporting institutional buying engagement.
- Resistance is identified at $4.02, validated by volume-driven price discovery mechanics.
- Patterns showing institutional volume exceeding 320,000 units signify advanced market participation, reflecting a recovery trajectory from $3.81 to $4.02 backed by strong trading activity.
- A consolidation range exists between $3.91 and $3.95, indicating ongoing institutional accumulation during market pullbacks.
On the Newsfront: The Republic of Paraguay has allocated $6 million towards a Polkadot-based tokenization initiative, highlighting government endorsement for blockchain technology in national infrastructure developments.
[Technical Analysis Disclaimer: Portions of this article were auto-generated with AI assistance and reviewed for adherence to editorial standards.]
