cracked under intense selling pressure on Monday, falling 12% to $2.56 as institutional-sized orders broke critical support levels, according to CoinDesk Research’s technical analysis model.
The model showed that the token exhibited extreme volatility, swinging from session highs of $2.99 to $2.56 lows. Bears dominated price action in the early morning hours as massive volume increases overwhelmed technical defenses.
The decisive moment of the session hit at 03:00 UTC as the unusual 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 broke to $2.76 after institutional selling cascaded
- Critical resistance zone at $2.80-$2.82 represents the next upside target
- Major resistance at the $2.87 breakdown level remains the key retracement boundary
- Session high of $2.99 serves as ultimate resistance for bullish continuation
- Extraordinary selling pressure of 5.49 million tokens marked 106% above average
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
