Polkadot’s DOT Suffers 5% Decline as Intensified Selling Pressure Overwhelms Market

Polkadot’s DOT encountered substantial bearish momentum over the last 24 hours, retreating from $3.76 to $3.56, or more than 5%, according to CoinDesk Research’s technical analysis model. The model showed that DOT initially demonstrated resilience, achieving an intraday high of $3.87 on July 31, yet subsequently confronted relentless selling pressure accompanied by pronounced volume surges during pivotal breakdown junctures on August 1. The token now has support in the $3.55-$3.58 range, with resistance at the $3.68 level, according to the model. In recent trading, DOT was 5.3% lower over 24 hours, trading around $3.64. The decline in Polkadot came as the wider crypto market also fell, with the broader market gauge, the CoinDesk 20 index, recently down 3.7% Technical Analysis: Price retreated from $3.76 to $3.56, representing a 5% decline over 24 hours. Intraday peak reached at $3.87 at 16:00 UTC on July 31 before selling pressure intensified. Volume exceeded 24-hour average of 3 million during key breakdown periods. Substantial resistance confirmed at $3.68 level. Fresh support established around $3.55-$3.58 range. Critical support breach occurred at $3.60 during final hour decline. New resistance formed around $3.67 level. Volume spikes exceeded 200,000 units during 13:45-13:46 UTC and 13:54 UTC periods. Negligible trading activity recorded in final three minutes, suggesting market exhaustion. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk’s full AI Policy .

Source: CoinDesk