As reported by CryptoPotato, technical analysis by analyst Shayan shows that Polkadot has recently found support within the key areas delineated by Fib retracement levels of 0.5 ($8.9) and 0.618 ($8.2) and the influential 100-day moving average. . This development suggests that Polkadot could stage a bullish recovery in the medium term after a prolonged consolidation correction. Polkadot experienced a significant uptrend after breaking above the 100-day and 200-day moving averages in early November 2023, a move that peaked at a yearly high of $11.9, showing bullish sentiment with buyers dominating the market. However, this uptrend encountered considerable selling pressure at the $11.9 resistance zone, resulting in a prolonged corrective retracement towards the strong support zone. This support zone is mainly defined by the Fibonacci retracement levels of 0.5 ($8.9) and 0.618 ($8.2) and the significant 100-day moving average, which makes it a strong obstacle for sellers. However, DOT’s immediate target remains the key $10 resistance level following the bullish rally.