- DOT/USDT pair breaks and rejects off $5 resistance.
- Rising open interest and volume increase, signals bullish sentiment.
Polkadot [DOT] broke above the $5.0 price level but faced immediate rejection. This price action on the 4-hour time frame highlights DOT’s struggle at this critical resistance point.
The $2.5 – $4 range is a psychological level serving as both daily and weekly resistance. DOT/USDT pair is currently ascending within a parallel channel.
As of press time, DOT had gained 10.54% this week. The overall market bias for altcoins remains bullish, despite the rejection with a bearish engulfing candle, signaling a possible reversal.
Falling wedge pattern
Additionally, DOT is consolidating within a falling wedge pattern 0n the daily timeframe, a structure often indicative of a potential bullish reversal.
The price action of DOT/USDT pair appears to have bottomed out and may be preparing for a…
