Archivecoin It broke critical technical support on Monday, and the token fell 5.1% to $1.24, as a massive increase in volume indicated institutional selling pressure, according to CoinDesk Research’s technical analysis model.
The broader crypto market also fell sharply, with bitcoin posting a 3.5% drop and CoinDesk 20 down 4.4%.
Trading volume skyrocketed to 11.74 million tokens, nearly 400% above normal levels, as bears overwhelmed buyers at the $1.25 support zone, according to the model.
The model showed that sales accelerated in the last few hours, with three consecutive lows confirming the collapse of the technical structure.
The breakout opens the door to deeper losses towards $1.23, with resistance now consolidated at former support at $1.25.
Technical analysis:
- Primary resistance consolidated at $1.35 after failed recovery attempts
- Breakout of critical support at $1,245 confirmed
- Next major demand zone targets $1.23-$1.235 range based on previous structure
- Failure of Uptrend Support Opens Door to Deeper Retracement Levels
- An exceptional volume increase of 380% above average confirms the validity of the breakdown
- High Volume Breakdown Suggests Institutional Participation Rather Than Retail Sales
- Key Resistance for Any Relief Rally: Previous $1.25 Support Level
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 with our standards. For more information, see CoinDesk’s full AI Policy.
