fell sharply in the last 24-hour period, falling below the key $2 level amid a broader crypto market slump that saw the Coindesk 20 (CD20) Index Retreat 2.57%.
The token It fell 5.5% to $1.97with volume surging 89% above daily averages.
Traders pushed the ton through multiple support zones before finding a walk near $1.92, according to Coindesk Research’s technical analysis model.
The price action comes during a broader slump in crypto markets. Bitcoin It fell below $102,800, the lowest level since June, as more than $1.4 billion in long positions were liquid across the market, according to Coinglassdownward pressure intensified.
The fall triggered a spike in intraday volatility, with price swinging in an 11.8% range.
It subsequently showed signs of stabilization with the price being pushed back to $1.99 on increased volume. The V-shaped recovery, while modest, suggests interest may still be intact, even though the token has since fallen to $1.97.
Traders are now watching the $2 level closely. A sustained move back to that line could change the momentum, but pressure remains high with scrutiny on major tonnage holders.
Disclaimer: Parts of this article were generated with help from AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
