📉 Polkadot ( $DOT ) Under Pressure: DOT saw a 17% price drop last week, now trading at $7.08 with a $10B market cap. Despite the decline, analysts suggest DOT is testing a critical support zone, which could pave the way for a bullish reversal.
📈 Bullish Outlook Ahead? Crypto analyst World of Charts predicts a potential bull rally toward $30 if DOT successfully retests this support. While social sentiment remains mixed, derivatives data paints an optimistic picture.
🔍 Long/Short Ratio Turns Bullish: Coinglass data reveals an increase in long positions, signaling growing confidence among traders. However, the RSI at 39 indicates rising selling pressure, which could trigger further corrections if buyers fail to regain control.
📊 Network Activity Decline: On-chain data from Artemis shows a sharp drop in daily active addresses and transactions on the Polkadot network. This decline raises concerns about user engagement and network health.
🔥 Key Levels to Watch:
Support: $7 – A successful hold here could trigger a bullish rally.
Resistance: $10 – Breaking above this could open doors to the $30 target in the mid-term.
📌 Conclusion: Polkadot is at a critical crossroads. While technicals hint at caution, growing long positions and key support levels suggest a possible bullish breakout. Keep an eye on $7—it could decide DOT's next big move! 📈
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