Polkadot's DOT Suffers 5% Decline as Intensified Selling Pressure Overwhelms Market

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 resistance at the $3.68 level, according to the model.

In recent trading, DOT was 5.3% lower over 24 hours, trading around $3.64.

The decline in Polkadot came as the wider crypto market also fell, with the broader market gauge, the CoinDesk 20 index, recently down 3.7%

Technical Analysis:

• Price retreated from $3.76 to $3.56, representing a 5% decline over 24 hours.
• Intraday peak reached at $3.87 at 16:00 UTC on July 31 before selling pressure intensified.
• Volume exceeded 24-hour average of 3 million during key breakdown periods.
• Substantial resistance confirmed at $3.68 level.
• Fresh support established around $3.55-$3.58 range.
• Critical support breach occurred at $3.60 during final hour decline.
• New resistance formed around $3.67 level.
• Volume spikes exceeded 200,000 units during 13:45-13:46 UTC and 13:54 UTC periods.
• Negligible trading activity recorded in final three minutes, suggesting market exhaustion.

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.

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