Polkadot's price established an all-time high at $46.8 on April 3 and has experienced a healthy correction since then, down to the price of  $40.66. The digital asset is trying to make an area bottom to see a DOTs new high within the short term.

On the 4-hour chart, Polkadot's price has established a strong price of around $40.7, which also coincides with the 50 SMA. Losing this significant support level will quickly drive Polkadot price down to $39.4, which is that the 61.8% Fibonacci level.

Polkadot price must defend the 50 SMA support level

If this support level is lost, DOT price can fall as low as $37.13 at the 500 Fib level as the support level below is comparatively weak given the magnitude of the price rally towards the all-time high.

On the flip side, defending the price at $40.7 should push Polkadot price towards $42.7 at the 78.6% Fibonacci level. there's not a lot of resistance towards the all-time high at $46.8, which suggests bulls can drive DOT towards this level eventually.



DOT/USD

The rate of Polkadot is unchanged since yesterday, which suggests that neither bulls nor bears are dominating at the instant.

Despite today's fall, Polkadot's price remains bullish as it keeps trading within the rising channel. Thus, the selling trading volume is low, which suggests that buyers have the possibility to connect the $50 mark soon.

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