Polkadot’s DOT Drops 3% to $1.83 as Crypto Markets Reverse Lower
Polkadot’s native token DOT experienced a 3% decline, dropping to $1.83 after sliding from a high of $1.91 to $1.84 over the previous 24 hours, breaking key support levels. Trading volume surged to 9.47 million DOT, which is 340% above the 24-hour average, indicating institutional distribution activity at the $1.95 level.
The price action violated the critical psychological support level of $1.90, descending from a $1.92 high down through this support. Primary support was established at $1.82, with immediate resistance at the broken $1.90 level and a secondary barrier at $1.95.
Despite Coinbase’s announcement of direct Polkadot network support, this positive news was insufficient to prevent the break below key technical levels. The wider cryptocurrency markets also declined, with the CoinDesk 20 index down about 2% at the time of publication.
Technical patterns show a descending channel and lower-highs, suggesting bearish intermediate-term momentum. A failed breakout above $1.95 could create a double-top risk. For the bearish trend to be negated and an uptrend to resume, DOT would need to recover above $1.95. If the primary support fails, the downside risk targets range between $1.75 and $1.80.
