Disclaimer: The results of the following analysis are the sole opinion of the author and should not be considered as investment advice

Last week, global markets showed fear as news of a Russian invasion emerged and Bitcoin and most large and mid-sized cryptocurrencies plummeted. However, over the past few days, prices have moved back above some significant recent levels.

Polkadot has also seen some demand in the past few days after recently dropping below the $15 mark.

DOT- 2 hour chart

Polkadot has a short-term bullish outlook, please note these levels

Source: DOT/USDT on TradingView

A set of Fibonacci retracement levels (yellow) is plotted based on the DOT's move from $23.19 to $15.8. It presents the $13.79 level as a possible place for the bulls to enter the fray. DOT did not quite reach these lows, but stopped at $14.2 before seeing a bounce.

At the time of writing, the market structure is bullish for the near term. This is because prices have climbed above the $17.1 (cyan box) area and are retesting to find demand. In addition, the $18.60 area has served as supply for the past two weeks on an hourly timeframe. However, prices have also broken above this level in recent hours.

Therefore, it is expected to rise in the coming days with targets of $20.50 and $23.2. Before that, there could be a pullback to $18 or $17.50, which would be a buying opportunity.

Fundamentals

Polkadot has a short-term bullish outlook, please note these levels

Source: DOT/USDT on TradingView

The RSI has remained above neutral 50 over the last few hours, indicating that bullish momentum remains strong. Chaikin money flow has also remained above +0.05, indicating a large inflow of funds into the market.

OBV has been in a steady downtrend for the past few weeks. However, over the past five days, OBV has rebounded, recording higher lows, indicating buying volume.

Conclusion

The $17.2 area was overtaken by demand and prices closed above $18.62 per hour. Polkadot could rise again if it sees a pullback to the $17.50-$18 area.