suffered a technical collapse during the Friday session as the token fell from a high of $2.09 to $1.97, erasing its previous recovery momentum.
The drop occurred on heavy volume that reached 284% above normal levels, according to CoinDesk Research’s technical analysis model.
The model showed that the token broke the $2.05 support as selling pressure intensified during the period.
The breakout accelerated at a volume of 10.3 million tokens, confirming the violation of the ascending trendline support that anchored the recent bullish structure, according to the model.
Multiple tests of the $2.05 level established this zone as key resistance before the breakdown undermined the technical fundamentals.
The price action revealed a violent rejection from higher levels as DOT forms an ascending channel from $2.01 to $2.09 before encountering massive selling, the model said.
The broader crypto markets also fell, with the CoinDesk 20 index down 0.6% at press time.
Technical analysis:
- Primary support holds $1.95 psychological level after $2.05 collapse
- Immediate resistance forms at $1.985 after failed recovery attempts
- Critical Uptrend Line Support Violated During Breakout
- Outstanding volume of 10.3 million marks a 284% increase above the 24-hour average
- Maximum hourly volume of 995,000 represents 400% above the initial session value
- High volume confirms a glitch rather than questioning validity
- $2.01-$2.09 ascending channel completes with violent rejection
- $1.95-$2.01 Consolidation Range Contains Current Price Action
- Downside target nears $1.90 if $1.95 support fails to hold
- Recovery requires reclaiming $2.00 resistance with volume confirmation
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.
