“Volume spiked 180% above average as nearly 2.7M tokens traded in a single minute.”, — write: www.coindesk.com
The drop shattered the $2.60 support level, a key threshold traders had been watching throughout the session, CoinDesk Analytics found.
The breakdown kicked off when volume surged past 25.4 million, well over 180% of the 24-hour average. Price action turned increasingly bearish into the evening, with a second wave of selling intensifying.
A sharp rejection at $2,577 was followed by a steep drop to $2,527 within minutes, as nearly 2.7 million tokens changed hands in a single minute, likely triggered by algorithmic sell programs and stop-loss orders.
Charts showed a clear pattern of lower highs and lower lows throughout the day. Multiple attempts to reclaim ground above $2.60 failed, with resistance holding firm at $2.66. Sellers repeatedly stepped in, reinforcing the upper boundary.
No major news or fundamental catalyst appeared to drive the move, suggesting that price discovery was led by technical breakdowns. The volume profile and timing of the selloff pointed to systematic selling, not retail panic.
Traders are now eyeing support near the $2.50 zone, while resistance remains clearly defined at $2.577 and $2.66.
The broader market also showed strain. The CoinDesk CD5 Index fell 1.67% to $1,978.58, dropping below the psychologically important $2,000 level, despite earlier gains that briefly pushed it near $2,040.
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Tether’s gold-backed token swelled above $2 billion market cap, driven by record prices and surging retail demand, CEO Paolo Ardoino said in an interview.
- Tether’s tokenized gold XAUT was backed by 375,000 ounces of physical bars held in Switzerland as of the end of September, the company said.
- The market cap of Tether Gold soared to $2.1 billion as of October, driven by rising gold prices and demand from retail investors in emerging markets.
- Tokenized gold allows investors to hold a blockchain-based representation of gold without the complexities of physical storage.
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