gave up earlier gains in a sharp reversal Tuesday to trade down 3.3% over the past 24 hours.
The token has underperformed broader crypto markets. The Coindesk 20 Index was down 1.3% at press time.
According to CoinDesk Research’s technical analysis model, DOT volume was 17% above the 30-day moving average, suggesting institutional distribution rather than retail capitulation.
The model showed that the day started with DOT rising to $2.17 on the back of strengthening participation, in close conjunction with the broader cryptocurrency complex.
Resistance in the $2.24-$2.26 area repelled a breakout attempt, opening the way for a subsequent breakout, according to the pattern.
Price deterioration accelerated as DOT crossed multiple support zones in three distinct capitulation waves, according to the model.
This break below the critical support level of $2.19 completely wiped out daily gains and exposed portfolio managers to amplified volatility risk.
Technical analysis:
- Immediate resistance now established at $2.19
- Critical support at the $2.14-$2.15 demand zone
- 24-hour volume increased 17% above the 30-day moving average.
- Failed breakout to $2.26 confirms strong resistance zone
- Strong downtrend with lower highs at $2.203, $2.191, $2.187 and $2.167.
- The technical structure has become decidedly bearish
- Recovery Resistance: $2.19 must be recovered to undo the outage
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
