Polkadot has been undergoing a prolonged corrective consolidation around the critical $6.5 support level, with the price retracing slightly toward the 100-day moving average.
However, the short-term expectation is to continue this corrective consolidation phase.
Polkadot Price Analysis: Technicals
By Shayan
The Daily Chart
A comprehensive analysis of the daily chart shows a swift rebound near the pivotal support level of $6.5, with the price exhibiting a minor bullish retracement. This suggests a lack of significant market activity and momentum, indicating a cooling down in the futures market.
Nonetheless, the price remains within a crucial price range, bordered by the significant resistance zone of the 100-day moving average at $8.1, aligned with the 0.382 Fibonacci retracement level ($8), and the significant support region of $6.5.
These levels serve as crucial reference points for Polkadot in the short term, and a breakout from this critical range could result in a substantial marke
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