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Polkadot (DOT) Price Analysis: Bears Have Upper Hand as Altcoin Corrects from Weekly High

Polkadot (DOT) reached a weekly high of $5.54 before entering a corrective phase. Despite retaining 1.8% of its overall gains in the past 24 hours and exhibiting a 3% price increase on the weekly chart, technical analysis suggests that bears currently have the upper hand with low buying strength and demand. However, if Bitcoin continues to rise towards $28,000, altcoins like DOT may also experience positive price action. On the one-day chart, DOT is currently trading at $5.47 with overhead resistance at $5.58 and crucial support at $5.40. Technical analysis shows a decline in buying strength and demand, but there are still buy signals and potential for a price increase.

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