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

Polkadot's DOT encountered important bearish momentum implicit the past 24 hours, retreating from $3.76 to $3.56, oregon much than 5%, according to CoinDesk Research's method investigation model.

The exemplary showed that DOT initially demonstrated resilience, achieving an intraday precocious of $3.87 connected July 31, yet subsequently confronted relentless selling unit accompanied by pronounced measurement surges during pivotal breakdown junctures connected August 1.

The token present has enactment successful the $3.55-$3.58 range, with absorption astatine the $3.68 level, according to the model.

In caller trading, DOT was 5.3% little implicit 24 hours, trading astir $3.64.

The diminution successful Polkadot came arsenic the wider crypto marketplace besides fell, with the broader marketplace gauge, the CoinDesk 20 index, precocious down 3.7%

Technical Analysis:

• Price retreated from $3.76 to $3.56, representing a 5% diminution implicit 24 hours.
• Intraday highest reached astatine $3.87 astatine 16:00 UTC connected July 31 earlier selling unit intensified.
• Volume exceeded 24-hour mean of 3 cardinal during cardinal breakdown periods.
• Substantial absorption confirmed astatine $3.68 level.
• Fresh enactment established astir $3.55-$3.58 range.
• Critical enactment breach occurred astatine $3.60 during last hr decline.
• New absorption formed astir $3.67 level.
• Volume spikes exceeded 200,000 units during 13:45-13:46 UTC and 13:54 UTC periods.
• Negligible trading enactment recorded successful last 3 minutes, suggesting marketplace exhaustion.

Disclaimer: Parts of this nonfiction were generated with the assistance from AI tools and reviewed by our editorial squad to guarantee accuracy and adherence to our standards. For much information, see CoinDesk's afloat AI Policy.