Key Points:
- Polkadot’s DOT saw a 6% decline from its highest point during a volatile trading session, slipping from $4.15 to $3.91 in a single 24-hour period.
- This downturn was attributed to aggressive selling from institutional investors, reflecting concerns about market conditions.
Detailed Analysis
Polkadot’s DOT displayed considerable fluctuations within a 24-hour trading period, significantly impacting prices and market confidence. According to technical analysis from CoinDesk Research, the asset recorded significant selling volumes leading to a quick reversal of gains.
Polkadot Trading
Polkadot’s DOT falls 6% from intraday high in bearish reversal.
Recent Movements
- The decline in DOT corresponded with a broader rise in the cryptocurrency market, where the CoinDesk 20 index showed a 0.5% increase.
- As of the latest updates, Polkadot was trading around $3.91, down 2.6% over the past 24 hours.
Technical Overview
- Volatility Range: DOT exhibited fluctuations characterized by a 6% volatility range between $3.91 and $4.15.
- Notably, trading volumes surged to 4.96 million during the final hours leading to this decline, indicating substantial institutional activity.
- Current resistance stands at $4.15, while support appears fragile just above $3.90.
Closing Uncertainties
The persistent downward pressure may prompt additional concerns about potential further declines if selling continues at current rates.
