According to CryptoPotato, analyst Shayan's analysis shows that Polkadot's recent price found support at the key 200-day moving average, triggering a bullish pullback. However, despite this upward trajectory, the cryptocurrency faces several key resistance levels, raising questions about the sustainability of the bullish pullback.
Daily chart analysis shows that Polkadot’s price has staged a minor bullish reversal around the key 200-day moving average ($7), but the lack of substantial bullish momentum raises questions about the durability of the recent move. Furthermore, there is significant resistance ahead.
Notably, the 100-day moving average ($8.1) aligns with the 0.382 Fibonacci retracement level ($8), which could hinder upward momentum. These levels, along with the critical support of the 200-day MA, play a key role in determining Polkadot’s performance in the short term. A breakout of this critical range could determine the market’s next move.