cracked under intense selling pressure Monday, dropping 12% to $2.56 as institutional-sized orders broke critical support levels, according to CoinDesk Research's technical analysis model.
The model showed that the token posted extreme volatility, swinging from session highs of $2.99 to $2.56 lows. Bears dominated price action during early morning hours when massive volume spikes overwhelmed technical defenses.
The session's defining moment struck at 03:00 UTC as exceptional selling pressure reached 5.49 million tokens, more than double the 24-hour moving average, according to the model.
This institutional-sized distribution event coincided with a decisive break below the $2.87 support zone, according to the model.
Technical Analysis:
- Primary support broke at $2.76 following institutional selling cascade
- Critical resistance zone at $2.80-$2.82 represents next upside target
- Major resistance at $2.87 breakdown level remains key reclaim threshold
- Session high of $2.99 serves as ultimate resistance for bullish continuation
- Exceptional selling pressure of 5.49 million tokens marked 106% above average
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.
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