DOT Falls 5% as Bearish Momentum Accelerates Across Polkadot Network
DOT Slides 5% as Key Support Breaks, Market Momentum Turns Bearish
Polkadot’s DOT token fell sharply over the past 24 hours, dropping from $3.76 to $3.56 — a decline of more than 5% — as broader crypto markets came under pressure, according to CoinDesk Research’s technical analysis.
The selloff followed a short-lived rally that pushed DOT to an intraday high of $3.87 on July 31. That upside momentum quickly faded as heavy sell volume emerged on August 1, with multiple breakdowns occurring on above-average trading activity. Volume during these phases exceeded the 24-hour norm of 3 million tokens, reinforcing the strength of bearish pressure.
Support has now been identified in the $3.55–$3.58 zone, while resistance is building around $3.68. A breach of the $3.60 level during the final trading hour further confirmed the shift in market structure and completed a move into a lower support band.
Significant volume surges — above 200,000 tokens — were recorded between 13:45 and 13:54 UTC, indicating concentrated selling. However, a noticeable slowdown in trade activity during the final minutes suggests near-term exhaustion among sellers.
DOT was recently trading around $3.64, down 5.3% on the day, broadly tracking weakness in the digital asset market. The CoinDesk 20 Index, a benchmark for top crypto assets, fell 3.7% over the same period.
Technical Recap:
- DOT dropped from $3.76 to $3.56 over 24 hours (–5%)
- Hit $3.87 high on July 31 at 16:00 UTC before reversal
- Sell volume exceeded 3M average during breakdowns
- Resistance set at $3.68; new ceiling forming at $3.67
- Support now holds at $3.55–$3.58 following $3.60 breach
- Volume spikes above 200K tokens noted from 13:45–13:54 UTC
- Late-session activity tapered off, hinting at seller fatigue
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