#PolkaDot price started to dump after reaching $11.9 and has decreased by more than 40% so far.
The bearish candles still look strong and the price has reached the top of the bearish channel. It is likely that the downward trend will continue and the price will easily break the support level of $6.180 - $5.700.
Polkadot Price Analysis: DOT 4% Daily as Traders Brace for Incoming Volatility
After a period of subdued consolidation near the crucial $6 support region, Polkadot’s price encountered significant buying pressure, initiating a notable upward swing. As a result, the crucial 0.5 Fibonacci level ($8.8) appears to be Polkadot’s next mid-term target. The Daily Chart : As part of our comprehensive Polkadot price analysis, we examined the notable recent changes in the market behavior. A closer look at the daily chart reveals that after consolidation around the significant support
Polkadot Price Analysis: DOT Soars 4% Daily as Traders Brace for Incoming Volatility
After a period of subdued consolidation near the crucial $6 support region, Polkadot’s price encountered significant buying pressure, initiating a notable upward swing.
As a result, the crucial 0.5 Fibonacci level ($8.8) appears to be Polkadot’s next mid-term target.
As part of our comprehensive Polkadot price analysis, we examined the notable recent changes in the market behavior. A closer look at the daily chart reveals that after consolidation around the significant support level of $6, buyers gained control, sparking a notable bullish rebound. This resurgence propelled the DOT price to reclaim the previously breached 200-day moving average at $7, signaling a bullish outlook for its long-term trajectory.
However, significant resistance lies ahead, including the 100-day moving average at $8.1 and the 0.5 Fibonacci retracement level ($8.8). These marks, in conjunction with the critical support provided by the 200-day MA, currently serve as key reference points for Polkadot in the short term and can potentially influence market trends in the coming weeks.