Polkadot Approaches Key Resistance Level: Uptrend or Deeper Cor?
2024-11-02

Polkadot (DOT) is currently experiencing a phase that could mark a significant shift in its price trend. Recently, DOT has shown growth signals through a "falling wedge" pattern, a technical indicator often suggesting potential for a bullish reversal. If the DOT price can surpass the $5 resistance level, it would signal a crucial step towards continuing the uptrend. However, failure to sustain above this level may lead to a risk of correction toward lower price levels.

One positive factor is the substantial increase in trading volume, reflecting growing investor interest. In particular, large investors, or “whales,” have been accumulating DOT, showing long-term confidence in its recovery potential.

Overall, while Polkadot has the potential for price gains, it requires ongoing investor support to break through the current resistance and establish a long-term uptrend. Should DOT fail to hold the $5 resistance, the market may witness a period of consolidation or a slight correction before resuming its upward momentum.