cracked under intense selling pressure on Monday, falling 12% to $2.56 as institutional-sized orders breached critical support levels, according to CoinDesk Research’s technical analysis model.
The model showed that the token displayed extreme volatility, falling from a high of $2.99 to a low of $2.56. Bears dominated price action early in the morning, when massive volume spikes overwhelmed technical defenses.
The decisive moment of the session came at 03:00 UTC as exceptional selling pressure reached 5.49 million tokens, more than double the 24-hour moving average, according to the model.
This institutional-sized distribution event coincided with a decisive break below the $2.87 support zone, according to the model.
Technical analysis:
- Primary support broken at $2.76 following cascade of institutional selling
- Critical resistance zone between $2.80 and $2.82 represents next upside target
- Major resistance at the $2.87 breakout level remains the key recovery threshold
- Session high $2.99 serves as ultimate resistance to bullish continuation
- Exceptional selling pressure of 5.49 million tokens, 106% above average
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
