Overview

Polkadot’s DOT token faced considerable selling pressure, dropping as much as 5%. However, indications of recovery have emerged with a potential double bottom pattern forming.

Details

• DOT initially peaked at $3.787 before encountering strong selling resistance, leading to a bearish reversal pattern.
• After hitting an initial low of $3.60, DOT’s price momentarily rebounded, concluding the session approximately 1.9% lower at around $3.63.

Key Highlights

• A potential double bottom pattern could signal further upward movement if DOT manages to maintain support above the $3.62 mark.
• The CoinDesk 20 index, which tracks broader market performance, also showed a minor decline of 0.5% at the time of publication.

Conclusion

Despite the initial downturn, Polkadot’s DOT may still have the momentum needed for recovery, pending market support.