According to Coindesk Research’s technical analysis model, Polkadot’s dot has encountered considerable bearish momentum over the past 24 hours, retreating from $3.76 to $3.56, or more than 5%.
The model showed that DOT first showed resilience, reaching a daytime high of $3.87 on July 31, but then faced relentless sales pressure with a noticeable volume of spikes at the extremely collapse of August 1st.
The token is currently supported in the $3.55 to $3.58 range, according to the model, with resistance at the $3.68 level.
In recent trading, DOT was 5.3% lower in 24 hours, trading around $3.64.
The decline in polka dots came as the wider crypto market also fell, and the wider market gauge, the Coindesk 20 index, has recently dropped by 3.7%
Technical Analysis:
Prices retrenched from $3.76 to $3.56, representing a 5% decline in 24 hours. Intraday Peak hit $3.87 on July 31 at 16:00 UTC, averaged over 3 million hours before sales pressures increased. During the final time reduction, the new resistance, which had a level of approximately $3.67, exceeded 200,000 units during the 13:45-13:46 UTC and 13:54 UTC period. The negligible trading activity recorded in the last three minutes suggests market depletion.
Disclaimer: Some of this article was generated with the support of AI tools and reviewed by our editorial team to ensure accuracy and compliance with the standards. For more information, see Coindesk’s complete AI policy.
