posted a 4.3% gain over the past 24 hours, amid a rally in broader crypto markets that bounced off yesterday’s big drop.
The broader market gauge, the CoinDesk 20 Index, was 2.5% higher at press time.
The decentralized storage token traded from a low of $1.40 to highs near $1.52 as traders tested critical support and resistance levels within a rising channel structure, according to CoinDesk Research’s technical analysis model.
The model showed an important development hit on October 30 at 17:00 when the volume increased to 5.46 million tokens. This was 98% above the 24-hour moving average.
The rise coincided with a crucial low of $1.41, according to the model. Critical support persisted on subsequent retesting. Each recovery wave showed increasing buying interest on declining volume. This suggests institutional accumulation above the $1.41 zone.
Technical analysis:
- Critical support established at $1.41 with secondary support at $1.48; resistance emerges near $1.52 with potential extension to previous highs
- High volume accumulation pattern at $1.41 support with 98% rise above average; declining volume on subsequent rally indicated controlled institutional buying
- Ascending channel structure intact with pattern of higher lows; $1,516 cap test successful with measured retreat
- Upside target at $1.52 resistance zone; risk management below $1.41 support with stop-loss considerations around $1.38 for aggressive positions
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.
