Peaks and ValleysThe value of Polkadat has exhibited a consistent decline over the course of the past month. Notably, the currency experienced a significant decrease of 26% in its price, responding unfavorably to resistance encountered at the precise level of $7. Subsequently, the previously established price floor of this currency was temporarily breached within the $5.15 range, followed by a positive recovery within said range.
A promising long-term scenario emerges if the resistance levels of $5.62 and $5.80 are successfully surpassed, indicating a potentially bullish trend within the 4-hour time frame for this currency. In such an event, buyers may set their targets within the price range of $6, $6.30, $7, and $8 to $8.40.
Currently, there is an observed corner pattern occurring between the upper limit of the medium-term descending channel and the descending trend line. Thus, breaking through these resistance levels would confirm the pattern.
Considering the short term, it is worth noting that a former robust support has now transformed into a formidable resistance, while a lower support range remains strong. Consequently, there exists the possibility of a range-bound trend.