Polkadot (DOT) Daily Chart AnalysisCurrent Situation:
A detailed examination of Polkadot’s (DOT) daily chart reveals a bearish sentiment. The price faced rejection after a period of sideways movement around the critical $7.5 resistance level and the significant 200-day moving average.
Bearish Indicators:
Resistance Rejection: The price was rejected at the $7.5 resistance level, reinforced by the 200-day moving average.
Seller Dominance: Sellers are currently dominating the market, suggesting a bearish retracement towards the $6.5 threshold is increasingly likely.
Key Support and Resistance Levels:
Resistance Level: $7.5
Support Level: $6.5
Market Context:
Despite the bearish sentiment, Polkadot remains confined within a decisive range marked by the $7.5 resistance and $6.5 support. A breakout from this range will likely establish the direction for a sustained trend.
Trade Strategy:
For Bears: Watch for a break below the $6.5 support level for potential short opportunities, targeting lower levels.
For Bulls: A break above the $7.5 resistance could signal bullish momentum, providing opportunities for long trades.
Stay vigilant for a decisive breakout from this range to gauge the next sustained trend direction for Polkadot.
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