Polkadot's DOT Slips 2% on above average volume

DOT$1.7886 slipped 2% to $1.77 over the last 24 hours.

Volume surged 35% above its 30-day average, according to CoinDesk Research's technical analysis model.

The session's most dramatic action hit during a sharp intraday decline that tested critical support levels. The model showed that DOT dropped from $1.85 to $1.76 on exceptional volume of 8.81 million.

This marked 236% above the 24-hour simple moving average, according to the model.

The token then executed a swift V-shaped recovery back to $1.80. This price action confirmed strong institutional support at the $1.76 psychological level, the model said.

DOT underperformed wider crypto markets. The broader market gauge, the CoinDesk 20 index, was 0.2% lower at publication time.

Technical Analysis:

• Strong support confirmed at $1.76 psychological level; resistance at $1.805 requires fresh catalyst for breakthrough
• Peak institutional activity at 8.8 million tokens during intraday decline
• V-shaped recovery from session lows indicating absorption of selling pressure; consolidation pattern forming near $1.80
• Upside target at $1.82 contingent on volume confirmation above $1.805; downside risk limited to $1.76 support zone

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.