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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.
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 threshold in the medium term.
This crucial support zone aligns harmoniously with the lower boundary of a descending wedge pattern, acting as a robust barrier against further downward movement. Consequently, it seems likely that Polkadot’s price will continue to fluctuate within this critical wedge pattern and near the significant $8 support zone until a breakout occurs. Nevertheless, the prevailing sentiment in the market appears bullish, fostering expectations of a renewed upward movement towards the $10 threshold in the medium term.DOT’s price has undergone a prolonged period of significant corrections, witnessing a 30% decline from its yearly peak of $11.9.
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