Polkadot's DOT Suffers 5% Decline as Intensified Selling Pressure Overwhelms Market
Main Idea
Polkadot's DOT token experienced a 5% decline due to intensified selling pressure, with support established at $3.55-$3.58 and resistance at $3.68.
Key Points
1. DOT fell over 5% amidst a broad selloff in crypto markets, dropping from $3.76 to $3.56.
2. The token initially showed resilience, reaching an intraday high of $3.87 on July 31 before facing selling pressure on August 1.
3. Support levels are now at $3.55-$3.58, with resistance confirmed at $3.68.
4. Volume spikes exceeded 200,000 units during key breakdown periods, surpassing the 24-hour average of 3 million.
5. A critical support breach occurred at $3.60 during the final hour of decline.
Description
Polkadot's DOT encountered substantial bearish momentum over the last 24 hours, retreating from $3.76 to $3.56, or more than 5%, according to CoinDesk Research's technical analysis model. The model showed that DOT initially demonstrated resilience, achieving an intraday high of $3.87 on July 31, yet subsequently confronted relentless selling pressure accompanied by pronounced volume surges during pivotal breakdown junctures on August 1. The token now has support in the $3.55-$3.58 range, with re...
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