Crypto
Polkadot Token (DOT) Tests Crucial Resistance Level at $1.18
The Polkadot token (DOT) is trading at $1.16, with a market capitalization of approximately $1.99 billion and a 24-hour trading volume of about $306.73 million.
A rising wedge pattern on the DOT's 15-minute time frame has left the price near the top of the structure, currently testing the resistance level around $1.18.
This technical setup is causing mixed signals for DOT price, with a potential reversal possible if it breaks below this level. A drop to support levels around $0.86 could occur in such a scenario.
A breakout above the wedge will negate this bearish scenario, but the near-term emphasis remains on the resistance area of $1.17-$1.18 and the 200-day EMA at $1.19.