posted a 4.3% gain in the last 24 hours, amid a rally in the broader crypto markets, recovering from yesterday’s big drops.
The market’s broadest indicator, the CoinDesk 20 index, was up 2.5% at press time.
The decentralized storage token traded from a low of $1.40 to a high near $1.52, as traders tested critical support and resistance levels within an ascending channel structure, according to CoinDesk Research’s technical analysis model.
The model showed a key development on October 30 at 17:00, when the volume skyrocketed to 5.46 million tokens. This was 98% above the 24-hour moving average.
The rise coincided with a decisive low of $1.41, according to the model. Critical support held strong in subsequent retests. Each recovery wave showed increasing buying interest in the face of decreasing volume. This suggests institutional accumulation above the $1.41 area.
Technical analysis:
- Critical support was established at $1.41 with secondary support at $1.48; emerging resistance near $1.52 with possible extension to previous highs
- High volume accumulation pattern with $1.41 support up 98% above average; Falling volume in subsequent rallies suggested controlled institutional buying.
- Ascending channel structure intact with higher low pattern; $1,516 Ceiling Test Successful with Measured Retracement
- 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 artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk’s full AI policy.
