Polkadot’s price has seen a significant decline and found support around the critical $6 mark, exhibiting slight fluctuations indicative of low volatility.
However, it’s noteworthy that the cryptocurrency remains firmly within a pivotal range, hinting at an imminent breakout.
Polkadot Price Analysis: Technicals
By Shayan
The Daily Chart
An in-depth examination of the daily chart reveals a period of subdued price action and sideways consolidation near the $6 mark following a substantial drop below the 100 and 200-day moving averages. This pattern reflects an overall bearish market sentiment, with sellers currently in control.
However, Polkadot is presently contained within a decisive range, marked by the support at $6 and the significant 200-day moving average at $6.93.
A bullish surge above the 200-day moving average could pave the way for sustained upward momentum, targeting the pivotal $10 mark. Conversely, if the bearish momentum persists, a continuation of the downtrend toward
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