{"id":555750,"date":"2023-10-17T17:00:19","date_gmt":"2023-10-17T17:00:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=555750"},"modified":"2024-06-11T13:49:46","modified_gmt":"2024-06-11T13:49:46","slug":"polkadot-road-to-recovery-will-4-mark-the-turning-point","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/polkadot-road-to-recovery-will-4-mark-the-turning-point\/","title":{"rendered":"Polkadot Road To Recovery – Will $4 Mark The Turning Point?"},"content":{"rendered":"
Polkadot (DOT) has been grappling with a descending resistance trendline, experiencing a relentless decline since February. In the month of October, the digital asset suffered a 10% drop, plummeting from $4.3 to $3.6.\u00a0<\/span><\/p>\n Market analysts are warning of the potential for further losses should the prevailing bearish pressure persist. However, a slight glimmer of hope emerged as DOT attempted a reversal at $3.6, hinting at the possibility of overcoming the overhead resistance barrier.<\/span><\/p>\n At present, the DOT price according to <\/span>CoinGecko<\/span><\/a> stands at $3.74, depicting a marginal 0.3% decline over the last 24 hours and a 2.8% dip over the span of seven days.\u00a0<\/span><\/p>\n The absence of horizontal support below the current price underscores the significance of Fib retracement levels in forecasting potential bottoming areas. Notably, a Fibonacci retracement tool was utilized, encompassing the lower high of $4.8 on August 29 and the recent dip of $3.6 on October 12. <\/span>This analysis<\/span><\/a> highlighted that the path to recovery for DOT faces significant obstacles at the 23.6% Fib ($3.9) and the 38.2% Fib ($4).<\/span><\/p>\n Complicating matters further, the $4 level, serving as the second resistance target, coincides with a daily bearish order block (OB). This confluence suggests that crossing the $3.9 threshold could prove challenging for bullish momentum.<\/span><\/p>\n Despite the persistent price downturn, the developers within the Polkadot ecosystem remain resolute and undeterred. This unwavering commitment is evident from the substantial <\/span>Polkadot active developers<\/span><\/a>, which are currently hovering close to an all-time high. This figure notably exceeds the levels recorded in 2021 when the altcoin’s price reached its peak.<\/span><\/p>\n <\/p>\nDOT’s Struggle For Recovery<\/strong><\/h2>\n
Polkadot Developers Stand Strong<\/strong><\/h2>\n
Total crypto market cap is currently at $1.06 trillion. Chart: TradingView.com<\/a><\/pre>\n