suffered a technical breakdown during Friday’s session as the token fell from a high of $2.09 to $1.97, erasing its earlier rally momentum.
The drop came on heavy volume, reaching 284% above normal levels, according to CoinDesk Research’s technical analysis model.
The model showed the token breaking support at $2.05 as selling pressure intensified throughout the period.
The breakdown accelerated on volume of 10.3 million tokens, confirming the violation of rising trendline support that anchored the recent bullish structure according to the model.
Multiple tests of the $2.05 level established this zone as key resistance before the collapse undermined the technical foundation.
Price action revealed a sharp rejection from higher levels as DOT forms an ascending channel from $2.01 to $2.09 before encountering massive selling, the model said.
Broader crypto markets also fell, with the CoinDesk 20 index down 0.6% at press time.
Technical analysis:
- Primary support has $1.95 psychological level after $2.05 breakdown
- Immediate resistance is forming at $1,985 after failed recovery attempts
- Critical ascending trend line support was breached during breakdown
- Outstanding 10.3 million volume marks a 284% increase over 24-hour average
- Peak hourly volume of 995K represents 400% above session baseline
- Increased volume confirms technical breakdown rather than question mark
- Ascending channel from $2.01-$2.09 completes with violent rejection
- Consolidation range of $1.95-$2.01 contains current price action
- The downside target is approaching $1.90 if the $1.95 support does not hold
- Recovery requires recovery of $2.00 resistance with volume confirmation
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
