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…
