In this setup, the price first dipped to form the left shoulder, then fell deeper to carve out the head, before rebounding slightly to create the right shoulder.
The pattern’s neckline sat around the $4.30 zone, which acted as a critical breakout level.
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Typically, a clean breakout above this neckline would suggest the start of a rally, with upside targets projected by measuring the depth of the head and adding it to the neckline.
This breakdown weakened the bullish signal, showing buyers lacked the momentum to confirm the reversal.
Instead of confirming the bullish breakout, DOT’s price slipped back under $4, flipping the neckline into stiff resistance.
Adding to the weakness, the Awesome Oscillator (AO) has printed consecutive red histogram bars. This signals that bearish momentum is gaining strength.
If this trend continues, Polkadot’s price could slide toward the next key support at $3.78, exposing the token to a deeper downturn.
No Recovery Around
Beyond the technicals, on-chain data from Santiment reveals that Polkadot’s Weighted Sentiment has flipped negative.
This means the market is expressing more bearish than bullish commentary about DOT across social platforms.
Negative sentiment reflects fear and frustration. But paradoxically, it can sometimes set the stage for a rebound.
When the crowd turns overly pessimistic, it may signal that selling is nearing exhaustion, creating an opportunity for contrarian buyers to step in.
For now, however, the shift in sentiment reinforces the bearish pressure on Polkadot’s price, making its ability to hold support levels even more critical.
DOT Price Prediction: Bears in Charge
DOT had been forming a series of higher lows on the daily chart, signaling steady accumulation. But recently, the token slipped below its trendline support, weakening that bullish structure.
At the same time, the Money Flow Index (MFI) has turned downward, showing that selling pressure is starting to outweigh inflows.
If this trend continues, Polkadot’s price could fall toward $3.03, testing deeper support. However, the outlook isn’t entirely bearish.
If bulls defend against the selling pressure, the correction could be short-lived. In that case, DOT’s market value might return to $4.60, reclaiming lost ground.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
