$DOT #Bulls Eye Recovery: Momentum Building After Pullback?
Polkadot (DOT) Price Update: $8.95
- Polkadot’s DOT has attracted bullish interest but remains in a consolidation phase at $8.95, reflecting recent profit-taking and recovery potential.
December Pullback & Fibonacci Support
- DOT retraced 35% from a $11.64 high on Dec 4 to $7.50 on Dec 9, landing in a critical Fibonacci zone ($8.20–$9.00). At $8.95, it tests the upper range, signaling potential bullish re-accumulation.
Spot Market Dynamics
- DOT spot outflows peaked at $24.52M on Dec 9, driving sell pressure. As prices neared the Fibonacci zone, spot inflows returned, indicating renewed buying interest at $8.95.
Derivatives Market Shifts
- Open interest dropped with negative funding rates favoring shorts at 56% during the sell-off. By Dec 11, long positions dominated at 51.22%, reflecting improved sentiment as DOT stabilized.
Price Outlook
- With potential 30% upside to $11.64, DOT is attractive for bulls if Fibonacci support holds. Broader market caution persists, but renewed momentum could see DOT revisit previous highs in favorable conditions.
