Significant volatility arose during the last 24-hour period when cryptocurrency retires 4%, according to Coindesk Research’s technical analysis model.
The model showed that the most notable movement is materialized when the dot fell to its lowest time of $ 4.07 on elevated volume of 3.16 million, significantly above the twenty -four -hour average of 2.31 million, establishing robust volume support at this level.
After this capitulation event, DOT demonstrated resilience by recovering to the $ 4.15- $ 4.18 range, suggesting that institutional purchase interest emerged at lower levels and potential stabilization around current support zones, according to the model.
On the news front, Polkadot consolidates its core coastal services for Asset Hub on November 4 and transforms it into the ecosystem’s superchain: Polkadot Hub, according to a previous post on X.
In the latest trade DOT was 4.2% lower, about $ 4.13.
The wider crypto market also fell with the wide market meter, Coindesk 20, down 3.2%.
Technical Analysis:
- Volume analysis revealed 3.16 million units traded over 3: 00-4: 00 Session on October 8, significantly over the 24 hour average of 2.31 million, indicating robust institutional interest.
- Price action established formidable support of $ 4.07 level during the capitulation event
- Recovery Pattern from $ 4.14 to $ 4.16 In the course of the sixty minute period, demonstrated resilience for $ 4.14- $ 4.15 support zone.
- Elevated volume activity during the course of 12:21 and 12:33 Recovery light suggested institutional accumulation at depressed levels.
- Consolidation around $ 4.15- $ 4.16 levels through 12:15 indicated potential stabilization around current support zones.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
