Affected by the downturn in the cryptocurrency market, Polkadot's DOT fell 3% to $1.83.

DOT$ 1.8413On Wednesday, DOT fell below a key support level, dropping 3% to $1.83 (UTC+8), as technical selling outweighed the bullish news of USDC integration.

Despite Coinbase (COIN) announcing direct support for the Polkadot network, DOT decisively broke below the psychological threshold of $1.90.

According to CoinDesk Research's technical analysis model, there was a significant sell-off in the last two trading hours, with the token price plunging from $1.93 (UTC+8) to $1.82 (UTC+8), and stop-loss orders also breaking through multiple support zones.

The model shows that trading volume surged to 9.47 million tokens, 340% higher than the 24-hour average.

The model indicates that this (increase) confirms that institutional investors have sold off the price to $1.95 (UTC+8).

According to the model, this decline has established clear downward momentum, with the price starting to fall from the peak of $1.92 (UTC+8).

The broader cryptocurrency market also experienced a decline. As of press time, the CoinDesk 20 Index was down 2%.

Technical Analysis:

• After the psychological threshold of $1.90 (UTC+8) was breached, the main support formed in the $1.82 (UTC+8) demand zone, and after the psychological threshold of $1.90 (UTC+8) was breached, the main support was established in the $1.82 (UTC+8) demand zone.
• The current resistance is near the broken $1.90 (UTC+8) level, with secondary resistance near $1.95 (UTC+8).
• The crash volume reached 340% of the 24-hour average confirmed institutional distribution volume.
• A descending channel formed from the $1.92 (UTC+8) high to the break of the $1.90 (UTC+8) support level.
• The lower peak structure confirms a medium-term bearish bias.
• The failure to break above $1.95 (UTC+8) creates a risk of a double top pattern.
• The immediate resistance at $1.90 (UTC+8) must hold to serve as support for any rebound attempts.
• If the current support fails, downside risk will expand to the $1.75-$1.80 region.
• The price needs to recover above $1.95 (UTC+8) to reverse the bearish technical pattern and resume the upward trend.