• Polkadot (DOT) posted significant gains over the last week following Bitcoin’s recovery.
• At the moment, DOT has been trying to breach the immediate resistance of $5.
• The market structure for DOT remains bullish as the coin managed to flip a few resistance marks into support levels in the past week.
Polkadot (DOT) has been experiencing a surge in prices in recent days, following the recovery of Bitcoin in the market. The altcoin has been trading at around $4.90 at press time and is trying to breach the immediate resistance level of $5. This has been a tough resistance mark for the altcoin in the past and a push from buyers would help strengthen the bulls’ efforts to cross it.
In the last week, the Polkadot price posted significant gains as Bitcoin showed a recovery on its chart. Other altcoins have also moved in the same direction, but DOT has been unable to breach the $5 level. The past 24 hours have seen a slight decline of 2%, which could be attributed to a decrease in demand for the altcoin.
Despite this, the technical outlook for Polkadot remains bullish. Accumulation has been growing over the last week as buyers have exceeded sellers. It is important that DOT is able to surpass the $5 mark in order to retain investor interest and trade at higher levels near the $6 mark.
The market structure for DOT has also been bullish as the coin managed to flip a few resistance marks into support levels. This has been an encouraging sign for investors and a further push from buyers will help DOT reach the $5 price level.
At the moment, the Polkadot price is trading 91% below its all-time high, which was recorded in 2021. This has been a difficult period for DOT but the altcoin has been steadily recovering and is now trading close to the $5 mark. If buyers can push the price above this level, then it could open up the possibility of further gains for DOT.