Polkadot (DOT) Price Rallies 30% Thanks to Bitcoin – But Not for the Obvious Reason
BeInCrypto
Polkadot's price surged 30% due to internal factors and strong capital inflows, decoupling from Bitcoin's direct influence.Summary
Polkadot (DOT) price rallied nearly 30% in 24 hours, erasing a month of losses, surprisingly without significant leadership from Bitcoin. The article suggests DOT is decoupling from BTC, as their correlation has dropped to 0.36, allowing Polkadot to respond to its own demand trends. Technical indicators, specifically the Chaikin Money Flow (CMF), confirmed strong capital inflows, suggesting accumulation by large market participants fueled the spike. Currently trading around $1.60 after briefly testing $1.70, DOT faces immediate resistance near $1.70, where a cluster of short liquidations exists. A sustained breakout could lead to $1.79, but failure to maintain buying pressure might see DOT retest the $1.52 support level.
(Source：BeInCrypto)