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Polkadot Price at Crossroads: Will Fibonacci Support Revive DOT?
The recent bearish trend has left many investors wondering about the future of Polkadot’s (DOT) price. Despite breaching the $6 support level, buyer confidence remains unwavering, a testament to the strong fundamental backing of this digital asset. With an inventory of over 1.5 billion tokens, liquidity is ensured, and its stability bolstered.
Analysts concur that breaking through the resistance at $9 will be crucial for any upward movement, with trading volumes likely determining the direction in the coming days. The broader cryptocurrency market’s reaction to the Federal Reserve’s recent meeting also impacted Polkadot’s dip over the week. While the market adjusts to macroeconomic pressures, Polkadot’s traders remain divided – some expecting further declines, while others bet on a bullish comeback.
The writer is Bena Ilyas
Source: www.crypto-news-flash.com
