Polkadot's DOT Slips 4% From Highs, Now Testing Support at $3.32 Level
2025-07-01 19:16:49
Main Idea
Polkadot's DOT token dropped 4% from its 24-hour high, testing support at the $3.32 level with resistance at $3.46, amid a broader market decline.
Key Points
1. Polkadot's DOT fell 4% from its 24-hour high, with support forming at $3.32 and resistance at $3.46.
2. The trading range for DOT was 4.4%, showing a sharp rally to $3.46 followed by a correction.
3. Support at $3.32 was established with high volume (1.34M) during the July 1 07:00 hour.
4. Notable volume spikes (267K combined) at 15:31-15:32 suggested institutional selling pressure.
5. The broader market, as measured by the CoinDesk 20, was also down 2.4% at publication time.
Description
Polkadot's DOT showed a clear trading range of 4.4%, with price action characterized by a sharp rally to $3.46 followed by a substantial correction, according to CoinDesk Research's technical analysis model. The model showed that support has now formed at the $3.32 level, which is currently being tested. The Polkadot ecosystem suffered a notable slowdown in transaction activity in the first quarter of the year, with a 36.9% drop from the previous quarter to 137.1 million transactions. In recent ...
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