Polkadot’s price is primed for a potential bullish rebound in the medium term, as it has reached a significant and decisive support zone, including the range between the 0.5 and 0.618 Fibonacci retracement levels, as well as the dynamic support provided by the 100-day moving average.
Technical Analysis
By Shayan
The Daily Chart
A detailed examination of the daily chart reveals a substantial downward retracement, with Polkadot experiencing a 30% decline from its yearly high of $11.9. However, sellers have encountered a formidable obstacle in the form of the dynamic support offered by the 100-day moving average, which aligns closely with the critical Fibonacci retracement levels.
This crucial support region is anticipated to prevent further downward pressure, with the market likely to witness a notable rebound in the medium term. The presence of significant demand near this pivotal area is expected to drive heightened buying activity, leading to a renewed surge toward the pivotal $10 t
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