Polkadot’s DOT experienced considerable volatility in the 24-hour trading period with sharp declines wiping out earlier gains, according to CoinDesk Research’s technical analysis model.
The model showed that DOT plummeted 6% in a dramatic 24-hour reversal from August 10 12:00 to August 11 11:00, declining from $4.15 to $3.91 amid exceptionally robust selling volume.
Polkadot faced strong selling pressure as institutional liquidation drove prices lower, breaching multiple support thresholds, according to the model.
The decline in DOT came as the wider crypto market rose, with the broader market gauge, the Coindesk 20, recently up 0.5%.
In recent trading, Polkadot was 2.6% lower over 24 hours, trading around $3.91.
Technical Analysis:
- Trading range of $0.24 representing 6% volatility between $3.91 and $4.15 thresholds.
- Volume surge to 4.96 million during final hour decline indicating institutional selling.
- Resistance established at $4.15 level following aborted rally attempt.
- Support level fragile near $3.90 with potential breakdown risk.
- Lower highs formation confirming bearish market structure deterioration.
- Volume exceeding 300,000 across multiple intervals during 11:15-11:30 selling pressure.
