Polkadot’s recent price movement has seen it finding support from the crucial 200-day moving average, prompting a bullish retracement. However, despite this upward trajectory, the cryptocurrency faces several critical resistance levels ahead, casting doubt on the sustainability of the bullish retracement.
Technical Analysis
By Shayan
The Daily Chart
A thorough daily chart analysis reveals a modest bullish reversal near the key 200-day moving average of $7, following a quick decline in Polkadot’s price. However, the lack of substantial bullish momentum raises questions about the longevity of the recent action.
Additionally, significant resistance lies ahead. Notably, the 100-day moving average at $8.1 aligned with the 0.382 Fibonacci retracement level ($8), potentially hindering upward movement. These levels, combined with the crucial support from the 200-day MA, serve as pivotal reference points for Polkadot in the short term. A breakout from this critical range will likely determi
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