broke 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 saw extreme volatility, ranging from session highs of $2.99 to lows of $2.56. The bears dominated the price action during the early morning hours, as massive volume spikes overwhelmed technical defenses.
The decisive moment of the session came at 03:00 UTC when exceptional selling pressure reached 5.49 million tokens, more than double the 24-hour moving average, according to the model.
This institutional size distribution event coincided with a decisive break below the $2.87 support zone, according to the model.
Technical analysis:
- Primary support broken at $2.76 following institutional selling cascade
- Critical Resistance Zone Between $2.80 and $2.82 Represents Next Bullish Target
- Major resistance at $2.87 breakout level remains key recovery threshold
- Session high of $2.99 serves as ultimate resistance for bullish continuation
- Exceptional selling pressure of 5.49 million tokens marked 106% above average
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.
