Polkadot reflects the wedge pattern of 2024, but can it recover from here?
Polkadot (DOT) is forming a descending wedge pattern on the weekly chart, similar to the setup that preceded a 171% breakout in 2024. However, the current trend remains bearish and confirmation of a breakout has yet to emerge.
DOT is trading below $3.60 amid weak momentum.
As of June 20, the price of DOT was $3.53, with a decline of over 7% in the past week. The token has failed to maintain gains above the 20-day EMA and is now trading below the major moving averages on the 4-hour and daily charts. The RSI has also fallen close to 30, indicating oversold conditions; however, a reversal has not occurred.
