dropped 2% to $1.84 in the last 24 hours.
Trading volumes surpassed the seven-day moving average by 7.8%, totaling 7.76 million tokens, based on CoinDesk Research’s technical analysis model.
The analysis indicated that the DOT movement lacked clear fundamental drivers, with technical factors influencing price action.
The token lagged behind the wider crypto market, as the CoinDesk 20 index registered a 0.6% decline at the time of publication.
This slight variation suggests a sector rotation rather than indicating any fundamental weaknesses in Polkadot’s position, according to the model.
With no significant fundamental drivers, the technical resistance level at $1.88 became crucial, as DOT navigated a volatile consolidation pattern.
Technical Analysis:
- Key resistance identified at $1.88, with established selling pressure at this point
- Support level tested at $1.83, with immediate support now in the $1.825-$1.830 range
- Upside targets projected between $2.00-$2.50 based on structural break patterns
- 24-hour volume averaged 7.8% above the seven-day moving average, suggesting organic discovery
- Higher lows established from the $1.83 base during the initial consolidation phase
- Short liquidation levels above $2.00 could act as a potential catalyst for upward movement
- Immediate downside risk remains at the $1.825-$1.830 support zone, warranting close monitoring
Disclaimer: Portions of this article were generated with AI assistance and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, please refer to CoinDesk’s complete AI Policy.
