Polkadot (DOT) Bulls Must Defend Key Support Level For Price Recovery, Analyst Warns

Tony Bitcoin, a crypto analyst, warns that Polkadot’s DOT token must hold a key ascending support line to avoid further losses. According to Tony’s chart, DOT has repeatedly bounced off this ascending support over the past few months.

Now, with the DOT price dropping to retest this support around $7.40, Tony emphasizes it is “very important that $DOT does not lose the line.” If DOT breaks decisively below this support, Tony warns the price could continue falling further.

Bulls Defend Support, Sparking Price Bounce

At the time of Tony’s analysis, DOT was testing the crucial support line around $7.40. After his warning, the DOT price did bounce off this support level with a close above it.

Emboldened bulls have since pushed the DOT price higher, with the token trading around $7.80 at last check. The successful defense of the ascending support line means the DOT price remains in its short-term uptrend. As long as bulls can continue holding this line, the path of least resistance appears to be to the upside.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.