Polkadot [DOT] Price Prediction & Analysis: 7 April

Polkadot established an all-time high at $46.8
on April 3 and has experienced a healthy correction since then, down to $40.66. The digital asset is trying to form a local
bottom to see a new high in the short term. On the 4-hour chart, Polkadot has established
a robust support level around $40.7, which also coincides with the 50 SMA. Losing this significant support point will
quickly drive Polkadot price down to $39.4, which is the 61.8% Fibonacci level. If this level is lost, DOT can fall as low
as $37.13 at the 50% Fib level as the support below is relatively weak given the magnitude
of the rally towards the all-time high. On the flip side, defending the support level
at $40.7 should push Polkadot price towards $42.7 at the 78.6% Fibonacci level. There is not a lot of resistance towards the
all-time high at $46.8, which means bulls can drive DOT towards this level eventually.

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