Polkadot DOT Price Analysis April 5, 2023

DOTUSDT

The price of Polkadot has been gradually increasing towards the 61.8% Fibonacci retracement level of $6.85, which may be met with strong selling pressure from the bears. It is important to keep an eye on the 20-day EMA ($6.22) as a potential support level. If the price fails to break above $6.85 but bounces off the 20-day EMA, it could indicate a shift in sentiment towards the positive, with traders buying on dips. This could increase the chances of a breakout above $6.85, with the DOT/USDT pair potentially attempting a rally towards the neckline of an inverse H&S pattern. To gain control, sellers will need to drive the price below $5.70.