Polkadot Prices Surge as Buyers Push Beyond $5 Resistance
• The Polkadot price has been making gains over the last week in response to Bitcoin’s recovery.
• Despite a 2% dip in the last 24 hours, the technical outlook for DOT remains bullish.
• Buyers need to keep pushing the price beyond the $5 resistance mark to secure further gains.
Polkadot (DOT) has been on the rise in the past week, mirroring Bitcoin’s recovery on the chart. The altcoin has been able to flip a few resistance levels into support levels, creating a bullish market structure for DOT. At the time of writing, the Polkadot price was trading at $4.90, just shy of the crucial $5 resistance mark.
The recent gains in the Polkadot price could be attributed to Bitcoin’s recovery. The leading cryptocurrency has been able to breach the $50,000 mark once again, pushing altcoins to move in the same direction. However, in the past 24 hours, the DOT price noted a slight fall of 2%. This could be attributed to a decrease in demand for the altcoin.
The $5 mark is a crucial resistance point for Polkadot. If buyers are able to push the price beyond this level, DOT will be able to trade higher and reach the $6 level. Accumulation has been on the rise in the past week, with buyers exceeding sellers at press time. This could be a positive sign for DOT, but it is essential that the price surpasses the $5 mark. If the resistance level holds, Polkadot could begin to trade lower, resulting in a decrease in investor interest.
The market structure for DOT remains bullish, with the coin able to break past the $4.80 resistance level. It is now up to buyers to keep pushing the price higher and break above the $5 resistance mark. If buyers can do this, Polkadot will be able to trade near its all-time high of $39.91, which was secured in 2021.