Polkadot Holds Key Support As Traders Eye Breakout Above $4.67

The price of Polkadot is currently between the levels of $4.43 support and $4.67 resistance which means traders are indecisive.

The current structure suggests DOT may be forming wave 4, with a potential upside move if resistance is broken.

DOT has underperformed against Bitcoin, falling 1.7%, signaling relative weakness despite stable USD pricing.

Polkadot (DOT), the native token of the Polkadot network, entered into consolidation mode recently, trading at $4.54 at the time of reporting. This is within a 2.0% intraday decline, with market participants witnessing a constricted trading range between support at $4.43 and resistance at $4.67. While the general market sentiment continues to be guarded, technical setups show the possibility of a guided movement in coming sessions.

Price Action Aligns with Corrective Pattern

The daily chart for DOT/USDT shows a pattern resembling a five-wave formation, often associated with Elliott Wave Theory. According to the observed sequence, DOT may currently be forming wave 4, a corrective wave, following the prior upward impulse. A clean break above the $4.67 resistance could initiate wave 5, targeting a possible high near $7.48, based on projection levels.

Analysts noted that price action found stability after a series of higher lows and two rounded bottoms in March and April. This technical structure, if validated, may support a trend continuation should volume increase in the next few days.

DOT Support Zone Still Intact

Despite recent declines, DOT has managed to hold above a support zone at $4.43. This level coincides with a previously contested region during the April-May transition, which acted as a foundation for the early May rally

Traders are also watching for volume confirmation, as the current pullback lacks strong bearish momentum. The recent bounce attempts remain within the neutral zone and may depend on external catalysts or network developments to regain upward traction.

DOT Struggles Against Bitcoin as Key Resistance Nears

In addition, its performance against Bitcoin is down approximately 1.7%, trading at 0.00004189 BTC. This further illustrates mixed sentiment, with DOT showing some weakness relative to other major assets.

Market participants are advised to watch the $4.67 resistance level closely. A confirmed breakout could shift momentum, while failure to hold above $4.43 may indicate further short-term weakness.