![Polkadot [DOT] slides back to key support – Will bulls prevail?](https://i.headtopics.com/images/2023/5/4/cryptoamb/polkadot-dot-slides-back-to-key-support-will-bulls-polkadot-dot-slides-back-to-key-support-will-bulls-1653905529775824898.webp)
Polkadot [DOT] seems ready for price reversal. However, its short-term prospects depend on how the market will price in the FOMC announcement.
struggled to close above $28.8k – a key price ceiling in March and early April at press time. This could delay a strong recovery for DOT unless BTC reclaims $29k.revealed that Polkadot saw an impressive performance on socials. But development activity remained low and could undermine a strong recovery too.DOT’s price action was below short and long-term trends . In addition, both the EMAs were down sloping, reiterating elevated sellers’ action since mid-April.
However, low wicks within the bullish order block and support zone of $5.61 – $5.86 show bulls could fight for control for a while. The RSI recovered slightly from the oversold zone, and the support has been steady since mid-March. Near-term bulls could attempt a recovery, especially if BTC reclaims $29k and surges. In that case, DOT/USDT pair could rally to the bearish order block and supply zone of $6.60 – $6.92.
A close below $5.600 could expose DOT to more short-term selling pressure. It could push DOT to retest the March swing low of $5.15.Coinglass data revealed that buy positions dominated at 52.96% against sell positions at 47.04% in the past 4-hour period. It showed bulls could have a recovery chance.However, fluctuations in open interest rates in the past two days could undermine bulls’ efforts. Notably, the OI hit $171.89 million on 1 May before surging to $176.58 million on 2 May.
On 3 May , the OI peaked at $177.31 million before dipping slightly to $171.52 million. The demand fluctuations in the futures market could delay a strong recovery.
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