DOT Drops 5% as Polkadot Tests Key Support Near $3.55
Polkadot’s native token, DOT, declined sharply over the past 24 hours, sliding from $3.76 to $3.56 — a drop of more than 5% — as renewed selling pressure hit the broader crypto market, according to CoinDesk Research’s technical analysis.
Despite reaching a high of $3.87 late on July 31, DOT failed to sustain momentum and reversed course as bearish volume accelerated during key breakdown periods on August 1. The model flagged trading activity far above the 24-hour average of 3 million tokens, signaling strong sell-side pressure.
Price action has since found support between $3.55 and $3.58, while resistance has formed around the $3.68 level. A breakdown below $3.60 in the final hour of trading further confirmed the weakening trend, establishing a lower support band.
Short bursts of high-volume activity occurred during the 13:45–13:54 UTC window, with spikes exceeding 200,000 tokens — reinforcing bearish sentiment. However, a sharp drop-off in trading during the final three minutes of the session may suggest short-term seller fatigue.
At the time of reporting, DOT was trading near $3.64, marking a 5.3% daily loss. The broader market also remained under pressure, with the CoinDesk 20 Index — a benchmark for major crypto assets — down 3.7% over the same period.
Technical Summary:
- Price declined from $3.76 to $3.56 (–5%) in 24 hours
- Intraday high of $3.87 reached on July 31 at 16:00 UTC
- Resistance confirmed at $3.68; additional rejection at $3.67
- New support zone formed around $3.55–$3.58 following $3.60 breach
- Volume spikes above 200K tokens seen between 13:45–13:54 UTC
- Declining activity into session close signals potential exhaustion
