In the last 3-4 days of the trading session, Polkadot experienced one of the sharpest declines reaching $26.5 from the record high at $42.3 (USDT), an approx ~37% pullback.
Currently trading above the 23.6% Fib retracement level of the download move from $42.3 swing high to $26.5 swing low, the following trading sessions could be interesting for the Polkadot DOT USDT pair.
It seems like a contracting triangle pattern is forming on the 4-hour chart of the DOT USD pair. A break from the upper side of the triangle and a 50% Fib retracement level at 34.40 could bring a fresh increase for the Polkadot DOT USD pair. The next key resistance is at $38.9. If the momentum succeeds to break above the $38.9, the DOT USD price could push higher towards $42-$45.
If the Polkadot DOT USDT pair fails to continue higher above $34.9, there could be a downside correction. The first support is near $26.5.
Both Hourly Stoch RSI and RSI of DOT USD price shows sign of recovery from overbought levels and trending upwards.
Major Support for DOT/USDT pair at levels $26.5, and $20.0
Major Resistance Levels – $34.4, $38.9, and $42.3.
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