Polkadot's DOT Slips 2% Amid Above-Average Trading Volume
Polkadot's native token DOT experienced a 2% decline over a 24-hour period, dropping to approximately $1.77, with an intraday low of $1.76 and a high of $1.85. The trading volume surged 35% above the 30-day average according to CoinDesk Research's technical analysis model.
During the intraday decline, 8.81 million DOT were traded, reflecting peak institutional activity around 8.8 million tokens and 236% above the 24-hour simple moving average (SMA). Despite this selling pressure, a V-shaped recovery brought the price back to roughly $1.80, indicating notable buyer interest and absorption at the $1.76 support level.
DOT underperformed relative to the broader crypto market, as the CoinDesk 20 index declined by about 0.2% at the time of publication. Key technical levels include a strong support at $1.76 and resistance at $1.805, with an upside target of $1.82 if volume remains above the $1.805 resistance. Downside risk is limited to the $1.76 zone. The market is currently consolidating near $1.80 following the recovery.
