📉 Polkadot Struggles at $5
Polkadot (DOT) broke above $5 but faced immediate rejection, highlighting its struggle at this key resistance. Despite gaining 10.54% this week, the DOT/USDT pair shows a bearish engulfing candle, signaling a possible reversal.

📊 Falling Wedge Pattern
DOT is consolidating within a falling wedge pattern on the daily chart, often indicating a potential bullish reversal. Watch for a retest of the upper trendline before a potential rally, with altseason expected in Q4 2024.

🔧 Support and RSI
Weekly support for DOT has held firm, rejecting price drops five times. The stochastic RSI is oversold, suggesting potential for a larger upward trend influenced by anticipated rate cuts.

📈 Open Interest
DOT’s open interest shows a positive funding rate of 0.0046%, reflecting bullish sentiment. Long positions are paying short positions, indicating confidence in rising prices.

📊 Market Stats
Polkadot’s market cap is $7.2 billion, with a 24-hour trading volume of $143 million, up 15.13%. The volume-to-market ratio is 1.91%, showing stability. With stable market statistics and a bullish outlook, DOT is poised for potential gains.