The recent short-term range formation at support indicates a bearish force, and bullish speculators have lost steam in recent days, suggesting further losses for Polkadot (DOT). The DOT bias has been bearish on higher timeframes over the past month, and the lack of reaction from support is a concern for buyers. DOT traders may consider entering short positions in the $5.4-$5.5 area or looking for short positions if prices fall below $5 and retest the region as resistance. The recent decline in open interest despite DOT prices hovering around $5.25 suggests a strongly bearish sentiment in the near term.