Polkadot’s DOT had good news on paper. The market just didn’t care.
Despite Coinbase announcing direct Polkadot network support, DOT slid 3% on Wednesday, dropping to $1.83 as the broader crypto market turned lower. The bullish headline couldn’t save price action once the key $1.90 level gave way.
Polkadot Per Style Futures by @coinbase.
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Launching 15 Dec.
A 5-year cash-settled contract tracking DOT price (100 DOT per contract). pic.twitter.com/pObgtgDugR
And that level mattered.
Once DOT lost $1.90, selling pressure accelerated fast. In the final two hours of trading, the token fell from $1.93 to $1.82 as stop-losses triggered one after another. That kind of move usually isn’t driven by emotion alone—it’s driven by size.
Volume tells the story. Trading activity surged to 9.47 million DOT, roughly 340% above the 24-hour average. According to technical models, this spike points to institutional distribution near the $1.95 area. In simple terms, larger players were selling into strength.
What the Chart Is Saying Now
Technically, the structure has flipped bearish in the short to intermediate term.
DOT has carved out lower highs from the $1.92 peak, forming a descending channel after failing to break above $1.95. That rejection also raises the risk of a double-top formation—never a great sign during a weak market tape.
Right now, $1.82 is acting as the first demand zone. If that level holds, DOT may attempt a bounce. But any recovery will face immediate pressure at $1.90, which has now flipped from support into resistance. Above that, $1.95 remains the line in the sand.
If $1.82 fails, downside risk opens toward the $1.75–$1.80 range.
For the bearish setup to break, DOT would need a clean reclaim of $1.95 on strong volume. Until then, the path of least resistance remains lower.
Good fundamentals matter. But in the short term, price and volume usually matter more.
