Polkadot
encountered substantial selling pressure, dropping as much as 5% before rebounding and potentially forming a double bottom pattern that points to continued upward movement, according to CoinDesk Research’s technical analysis model.
After initially attempting to establish an uptrend with a peak at $3.787, DOT encountered strong resistance and formed a bearish reversal pattern, according to the model.
In recent trading, DOT was 2.6% lower over 24 hours, trading around $3.63 having found support at $3.59. The broader market gauge, the CoinDesk 20, was down 0.5% at publication time.
The price action shows a potential double bottom pattern forming with improving momentum, suggesting further upside if it maintains support above the $3.62 price level, the model showed.
Technical Analysis:
- DOT experienced a volatile 24-hour period with a substantial range of 0.193 (5.1%), initially attempting to establish an uptrend with a peak at…
