Polkadot: Can DOT Hold More Than $5? Key levels to watch now!

• The DOT/USDT pair breaks and rejects the USD5 resistance.
• The rising open curiosity and quantity improve point out bullish sentiment.

Polka dot [DOT] broke above the $5.0 value stage however was instantly rejected. This value motion inside a four-hour time-frame highlights DOT’s battle at this important resistance level.

The vary of $2.5 – $4 is a psychological stage that serves as each day by day and weekly resistance. The DOT/USDT pair is at the moment rising inside a parallel channel.

Supply: TradingView

On the time of writing, DOT was up 10.54% for the week. The overall market bias for altcoins stays bullish regardless of the rejection with a bearish engulfing candle, signaling a doable reversal.

Falling wedge sample

Moreover, DOT is consolidating inside a bearish wedge sample on the day by day time-frame, a construction that’s usually indicative of a possible bullish reversal.

The value motion of the DOT/USDT pair seems to have bottomed out and could also be making ready for a bullish breakout.

supply: TradingView

The subsequent key stage to observe is the higher trendline of this falling wedge, the place a profitable retest is probably going earlier than costs rise additional, particularly with altseason anticipated within the fourth quarter of 2024.

Weekly assist and stochastic RSI

from Polkadot [DOT] The weekly assist remained robust and marked the low for DOT. This assist stage has rejected value declines 5 occasions, and after reaching the next excessive, the value retreated to this assist.

The stochastic RSI for DOT/USDT is at the moment oversold, suggesting that this week’s positive factors might be the beginning of a bigger development.

Supply: TradingView

This anticipated upward motion might be influenced by the anticipated charge cuts, which might profit altcoins like DOT.

Open curiosity

On the time of writing: Polkadot’s [DOT] the open curiosity reveals a optimistic OI-weighted financing charge of 0.0046%.

This means bullish sentiment on DOT as merchants with lengthy positions pay 0.0046% to these with brief positions, reflecting confidence that costs will rise.

Supply: Coinglass

Polkadot’s open curiosity, ranging between $7,917 and $8,004, totals $35.838 million, whereas the $5.30 to $5.39 vary has an OI of $8.33 million.

Polkadot Stats

Polkadot’s market cap at the moment stands at $7.2 billion, with a 24-hour buying and selling quantity of $143 million, marking a rise of 15.13%.

This has resulted in a quantity to market ratio of 1.91%, indicating market stability with minimal value fluctuations. DOT’s complete and circulating provide is 1.49 billion, equal to its totally diluted market cap of $7.2 billion.

Supply: DefiLlama

Learn Polkadot [DOT] Worth forecast 2024-2025

Whereas DOT faces a check on the $5.0 stage, the broader outlook stays bullish, supported by robust technical patterns, optimistic market sentiment and secure market metrics.

With the alternate season approaching, DOT is nicely positioned for potential positive factors.