Polkadot (DOT) is once again trading at the critical $3.75 support level not seen since October 2023. This level may indicate the start of significant reversal.
Key Technical Points
The $3.75 support level is a major structural point where buyer activity may commence. This area has been highlighted as crucial over the past months. A successful reclaim of this level could indicate a trend reversal.
Market State and Pressure
Currently, the market remains under pressure, forming lower highs and lows. To confirm an upward trend, a reclaim of the $3.75 support area and a break above recent highs are necessary.
Future Forecasts
If Polkadot confirms support above $3.75 and breaks the recent local high, the likelihood of a further rise to the $7.67 resistance level could increase. However, significant market structure change is required for a successful reversal.
The current situation in the Polkadot market necessitates close monitoring of the $3.75 level, as its reclaim may signal the onset of a new upward cycle.
