Polkadot is showing resilience, with support at $4.81 indicating possible accumulation. However, breaking above resistance is crucial for confirming a trend reversal.
Current State of Polkadot
As of publication, Polkadot is trading at $4.83, reflecting a 0.70% daily increase, but a 14.44% decline over the past week according to CoinGecko. The current price action shows that the support range between $4.81 and $7.57 is crucial for price stability.
Potential Price Development for DOT
For the bullish scenario to hold, DOT must maintain its current support and reclaim $7.57. A breakout above $10 would confirm a shift in momentum, paving the way for the $14.11–$23.45 range by 2025.
Key Support and Resistance Levels for DOT
The support between $4.81 and $7.57 is critical for maintaining DOT's position. Breaking above $10 will confirm a long-term bullish trend. Conversely, a drop below $4.81 could lead to further downside risks.
Polkadot's ability to hold key support and resistance levels will determine its future price direction. A successful breakout of resistance could lead DOT to new heights.
