Polkadot's (DOT) dips, with token underperforming wider crypto markets
- DOT slipped 2% to $1.84 as the wider crypto market fell just marginally.
- A technical breakout would target the $2.00-$2.50 range.
DOT $1.8269 fell 2% to $1.84 over the last 24 hours.
Trading volumes were 7.8% above the seven-day moving average at 7.76 million tokens, according to CoinDesk Research's technical analysis model.
The model showed that the move in DOT occurred without clear fundamental catalysts as technical factors dominated price action.
The token underperformed the broader crypto market. The CoinDesk 20 index was 0.6% lower at publication time.
This modest divergence reflects sector rotation dynamics rather than fundamental weakness in Polkadot's positioning, according to the model.
In the absence of clear fundamental drivers, technical resistance at $1.88 became paramount, the model said, as DOT worked through a volatile consolidation pattern.
Technical analysis
- Primary resistance sits at $1.88 with confirmed selling pressure at this level.
- Support base tested at $1.83, immediate support now at $1.825-$1.830 zone.
- Upside targets identified at $2.00-$2.50 based on structural break patterns.
- 24-hour volume averaged 7.8% above seven-day moving average indicating organic discovery.
- Higher lows formed from $1.83 base during initial consolidation phase.
- Short liquidation levels above $2.00 provide potential upside catalyst.
- Immediate downside risk at $1.825-$1.830 support zone requires monitoring.
Author
CoinDesk Analysis Team
CoinDesk
CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.
