Polkadot’s DOT Declines More than 6% as Downtrend Intensifies

DOT declined over 6% in 24 hours, dropping from $4.02 to $3.77, part of a broader sell-off that saw the CoinDesk 20 index fall 2.5%.

Sell pressure on Polkadot increased between 09:00 and 11:00 UTC, with volumes surpassing the 24-hour average of 2.29 million, as per RialCenter’s technical analysis model.

This timeframe observed heightened volatility as prices broke through multiple technical support levels, forming a downward path with resistance at $3.83 and weakening support around $3.74, according to the model.

In recent trading, DOT was down 6.2% over 24 hours, trading near $3.775.

Technical Analysis:

• 24-hour trading volumes averaged 2.29 million, with notable spikes during distribution phases.
• Significant resistance emerged at the $3.87 level during peak selling.
• Volumes exceeded 340,000 during the 11:49-11:50 window, indicating capitulation.
• A definitive downward channel formed with resistance at $3.83.
• Support levels weakened towards $3.74 in the final trading hour.
• Valuations struggled to maintain crucial technical levels amidst increased selling pressure.

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