Polkadot Finds Strong Support, Indicating Potential Bullish Revival
Polkadot (DOT) has been seeing support in the price range of 0.5 ($8.9) and 0.618 ($8.2) Fib retracement levels in recent times. Seeing this support after some correction, indicates a bullish trend may be starting soon.
As of November 2023, Polkadot saw a massive rise in price immediately it exceeded the 100 and 200 day moving averages. And this led to Polkadot price reaching about $11.9, in which case buyers were optimistic and showed dominance in the market.
Although, the increase in price of Polkadot, saw a strong selling pressure when price reached $11.9; and the sellers had the dominance in the market - and this led to a long time of correction, which arrived at a strong support level.
And when DOT price reaches the strong support level of about $8, it experiences a significant amount of buying pressure and an almost immediate reversal. Although, Polkadot price has been recently flunctuating between $8 and $10, majority of market observers are favoring a breakout and a bullish price movement.
Who knows, the coin might really surge up as a result of the bitcoin halving or what do you think?
Yes it may. Thanks for commenting.