Polkadot’s DOT Rebounds After Falling 7%

Polkadot’s DOT Bounces Back After 7% Drop, Supported by Strong Volume

Polkadot’s DOT token staged a notable recovery after falling as much as 7%, climbing from $3.91 to $4.08 amid robust trading volume, according to CoinDesk Research’s technical analysis.

During the 24-hour period ending July 24 at 18:00 UTC, DOT experienced significant volatility, trading between a low of $3.91 and a high of $4.20 before closing near $4.08.

The rebound followed the U.S. Securities and Exchange Commission’s (SEC) decision to withdraw accelerated approval for a Bitwise crypto ETF that included DOT among its largest holdings by market cap.

DOT’s recovery was in line with broader market gains, as the CoinDesk 20 index rose by 1.4%.

Despite the bounce, DOT was down approximately 2% over the past 24 hours, trading near $4.09.

Technical Overview

Trading range of $0.28, representing 7% volatility between $4.20 and $3.91
Key support identified at $3.96, backed by volume exceeding 4.28 million tokens
Resistance zone around $4.10, where price faced rejection
Volume surge of 73,061 tokens during the decline, indicating institutional selling pressure
Recovery pattern hints at potential upside toward $4.13
Overall 2% decline on the day despite strong recovery from overnight lows