Polkadot tests the $5 territory as support once again as...
Strong short-term conviction saw DOT prices oscillate between range extremesSince 8 May, Polkadot has traded within a range . This range extended from $5.18 to $5.5, with the mid-range mark at $5.34.
The range highlighted was a short-term one. On higher timeframe charts it was observed that DOT has traded between the $5.17 and $7 levels since March.Since 25 May, the ADX on the DMI indicator has been above the 20 mark. This showed a strong trend in progress, but the DOT price action showed a rangebound asset.Their crossovers in the past week showed bearishness up to 26 May, then bullish momentum took charge from 27 May to 31 May.
The market structure was also bearish, and a session close above $5.33 would be necessary to change this.The sentiment was strongly bearish on 1 June. When DOT prices continued to dip from $5.25 to $5.17, the Open Interest surged higher.
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