POLKADOT PRICE ANALYSIS & PREDICTION (February 26) – DOT Rebounds Slightly After a Short Pullback, Can It Sustain Pressure?

Polkadot DOT registered some losses this week but has recovered slightly after locating a minor support. It has been showing signs of strength since yesterday following a substantial 2% gain. 

DOT cooled off buying a bit this week after witnessing a consecutive increase to a monthly high of $8.14 on Monday. This led to a two-day pullback, which brought the price to a weekly low of $7.3.

It held that low as support and pushed back to $7.85 yesterday. The bulls failed to reiterate actions today and the market remained calm with a 1% loss over the past hours. However, things are still looking good for the bulls as they try to step back.

A push above last week’s high could facilitate another leg-up in the next couple of days. Even though the bulls manage to retake this high, they must push through last December’s high before we can confirm a complete breakup for a long-term rally. Right now, the setup is still looking dicey in the short term.

In the opposite direction, dropping off this weekly low would lead to a serious bearish scenario capable of collapsing the price to $4.

But from the look of things, the bulls are holding on strong with counter-reactions to this week’s bearish actions. We may see more recovery in price if the bears find it difficult to gain control.

DOT Key Levels To Watch

Now that DOT has found support this week, it may advance higher to last week’s $8.14 high and $8.58 before reclaiming last December’s resistance of $9.6. A clear breakup from there should bring a significant gain in the market.

The immediate support to watch below the current weekly $7.3 low is $6.6. If the price plunges through this support, $6 is the next level to watch for a crackdown.

Key Resistance Levels: $7.85, $8.58, $9.6

Key Support Levels: $7.3, $6.6, $6

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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