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Polkadot recently encountered significant selling pressure at a key resistance region, encompassing the 100-day moving average and the crucial $7.4 level.
However, in a broader context, the asset remains confined within a decisive range marked by the $7.4 resistance and the $6.5 support. A definitive breakout from this range will likely set the direction for a sustained trend.On the 4-hour chart, Polkadot buyers have been unable to overcome the crucial resistance region defined by the 0.5 and 0.618 Fibonacci levels, facing intensified selling pressure.
In summary, Polkadot is at a critical juncture. A failure to hold current support levels could lead to further declines, while a successful defense might allow for consolidation and potential recovery.Analyzing the futures market metrics alongside Polkadot’s price fluctuations can indeed provide valuable insights for traders. The liquidation heatmap for the DOT/USDT Binance pair, as depicted in the chart, offers a visualization of significant liquidity pools that may influence price movements.
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