Polkadot Gains 5% Despite Resistance: Bulls Set Sights on $6

• Polkadot posted significant gains over the last week after Bitcoin showed recovery on its chart.
• DOT noted a fall of 2%, but that could be attributed to a slight fall in demand for the altcoin.
• 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 seen some major gains over the last week due to Bitcoin’s recovery on the charts. Other altcoins have seen similar gains and DOT is no exception. At the time of writing, DOT is trading at a price of $4.90, but has been struggling to break past the resistance of $5. Over the past 24 hours, DOT has seen a minor decline of 2%, likely due to decreased demand for the altcoin. However, the technical outlook for DOT remains bullish.

The market structure for DOT is showing a bullish sentiment, as the coin has been able to break through several resistance levels in the past week. But in order for DOT to continue its uptrend, buyers must keep up their momentum and help break through the $5 resistance level. If this does not happen, then DOT will start trading lower, resulting in a loss of investor interest.

At the moment, DOT is trading at 91% below its all-time high from 2021. This shows that there is still significant room for growth, but investors must remain patient while DOT works its way up. Accumulation has been increasing in the last week as buyers have outnumbered sellers, but DOT must overcome the hurdle of $5 to reach the next level of $6.

In conclusion, although DOT has seen some major gains over the last week, it is still facing a strong resistance of $5. If buyers continue to accumulate and demand for the altcoin increases, then DOT should soon break through this resistance level and head towards the $6 mark. Nevertheless, investors must remain patient and wait for the right time to make their move.