Polkadot has recently found support within a pivotal zone encompassing the price range delineated by the 0.5 ($8.9) and 0.618 ($8.2) Fib retracement levels and the influential 100-day moving average.
This development, following a prolonged period of consolidation correction, indicates a potential bullish revival in the medium term.
Technical Analysis
By Shayan
The Daily Chart
Examining the daily chart, it is evident that Polkadot experienced a significant uptrend following a break above the 100 and 200-day moving averages in early November 2023. This surge culminated in a yearly high of $11.9, underscoring a prevailing bullish sentiment with buyers dominating the market.
However, the ascent was met with considerable selling pressure around the $11.9 resistance zone, leading to an extended corrective retracement towards a robust support region. The latter is largely defined by the Fibonacci retracement levels of 0.5 ($8.9) and 0.618 ($8.2), coinciding with the prominent 100-day moving a
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