Polkadot’s value has dropped by 5% in the past 24 hours and is currently trading at $6.62. After initially breaking above $7.00, it failed to sustain this momentum, leading to a significant retracement near key support levels at $6.50.
Support Levels:
– Immediate Support: $6.50
– Key Support: $6.40 (previous local low)
If the price fails to hold above $6.50, it could slide towards $6.40, a critical level for maintaining market structure.
Resistance Levels:
– Immediate Resistance: $6.80
– Major Resistance: $7.00
A recovery above $6.80 could spark bullish momentum and another attempt at breaking through $7.00.
Long-term projections suggest Polkadot’s ecosystem growth and network upgrades will drive bullish sentiment, with a potential target of $24. However, reaching this price point requires significant accumulation and a broader market shift towards optimism.
Trading Strategies:
– Short-Term Traders: Look for entry opportunities near $6.50, setting stop-loss at $6.40 and taking profit at $6.80 or $7.00.
– Long-Term Investors: Accumulate at current levels, with an eye on the $24 target in future cycles.
Despite short-term bearish pressure, Polkadot presents a promising opportunity for long-term investors seeking significant upside. Traders should closely monitor support and resistance zones to capitalize on potential bounces and manage their risks accordingly.
Source: https://www.binance.com/en/square/post/19144237967658