Viewpoint: Polkadot is expected to continue the corrective consolidation phase in the short term

According to CryptoPotato, analyst Shayan's analysis shows that Polkadot has been in a long-term corrective consolidation near the key $6.5 support level, and the price has slightly retreated to the 100-day moving average. However, the short-term expectation is to continue this corrective consolidation phase. A comprehensive analysis of the daily chart shows that the price rebounded quickly near the key support level of $6.5, and the price showed a slight bullish retracement. This shows that market activity and momentum are insufficient, and the futures market is cooling down. However, the price is still within a key price range, consisting of an important resistance area of ​​​​the 100-day moving average at $8.1, aligned with the 0.382 Fibonacci retracement level ($8), and an important support area of ​​​​$6.5. These levels are key reference points for Polkadot in the short term, and breaking through this key range may lead to large market fluctuations. When examining the 4-hour timeframe more closely, there is evidence of a bullish corrective retracement towards the critical resistance zone of the 0.5 ($7.4) and 0.618 ($7.8) Fibonacci levels, leading to the formation of a rising wedge, which is a well-recognized bearish continuation pattern. However, PolkaDOT price recently faced rejection at the 0.5 Fib level and experienced a decline that broke the lower boundary of the pattern. This suggests that the downtrend is likely to continue with the price targeting the critical support zone of $6.