Archivecoin fell 4.2% to $1.28 on Tuesday amid significant volatility as traders caused sharp setbacks during a broader market decline, according to CoinDesk Research’s technical analysis model.
The model showed that the decentralized storage token established a bearish price trend with a range of $0.08 representing a volatility of 6.3%.
Volume was 12.75% above the seven-day average, according to the model. The peak of 11.7 million tokens was 85% above the 24-hour average of 2.81 million.
The rise confirmed the token’s fall below the psychological support price of $1.30, according to the model.
Broader crypto markets also fell. The CoinDesk 20 index was 3.7% lower at press time.
Technical analysis:
- Primary support lies at $1.278 and resistance limits advances near $1.285, creating a tight trading range of $0.007.
- The 185% volume increase during the breakout of $1.30 confirmed institutional involvement, while normalized activity at the end of the session suggests a consolidation phase, according to the model.
- The classic support-resistance dynamic emerged with a quick capitulation followed by an immediate recovery bounce indicating buyer interest at lower levels.
- The short-term range is between $1.278 and $1.285, with a broader 24-hour downtrend intact until reclaiming the psychological level of $1.30.
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, check out CoinDesk’s full AI Po.licy.
