experienced a 4.3% rise in the past 24 hours, benefiting from a broader crypto market rally, recovering from significant losses seen yesterday.
The CoinDesk 20 index, which gauges the wider market, reported a 2.5% increase at the time of this publication.
The decentralized storage asset traded between a low of $1.40 and a peak near $1.52, as traders tested crucial support and resistance levels within an ascending channel structure, according to the technical analysis model from CoinDesk Research.
The model revealed a notable spike on Oct. 30 at 17:00, with volume reaching 5.46 million tokens—98% above the 24-hour moving average.
This surge correlated with a significant low at $1.41, as the model indicated. Key support remained intact during subsequent retests. Each wave of recovery displayed rising buying interest amid declining volume, suggesting institutional accumulation above the $1.41 threshold.
Technical Analysis:
- Key support established at $1.41 with secondary support at $1.48; resistance appearing near $1.52 with potential to extend to previous highs.
- High-volume accumulation pattern at $1.41 support with a 98% increase above average; declining volume during following rallies indicating controlled buying from institutions.
- Ascending channel structure maintained with a pattern of higher lows; successful test of the $1.516 ceiling followed by a measured correction.
- Targeting the $1.52 resistance zone; risk management recommended below $1.41 support with stop-loss considerations around $1.38 for aggressive positions.
Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For further details, please see CoinDesk’s complete AI Policy.
