Polkadot Rebounds 4% Amidst Market Turbulence

Polkadot (DOT) has experienced a significant price correction over the past few weeks, with its value dropping from a key level reached last month. However, the cryptocurrency has shown signs of recovery, surging by 4% in the past day and currently trading above $6.

The recent market turbulence has seen DOT lose over 6% of its value in the past month, allowing bears to gain control. However, it is essential to note that the broader market remains bullish, and the current price action is considered a short-term corrective phase.

If DOT can maintain the $5.5 level as support, it may experience a strong recovery and retake its previous monthly high. This would confirm a bullish trend reversal. However, if bears continue to apply pressure, the market may experience another leg down until a solid support level is found.

Key resistance levels for DOT include $6.85, $8, and $9.67, while key support levels are $5.5, $4.7, and $3.9. As of now, DOT is trading at $6.195, with a bearish trend and high volatility.