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Polkadot: Buy The Dip?

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Avatar for InvestorOmar
Written by   28
2 months ago

Since the December 4 crash, Polkadot’s price has been consolidating and is indicating that it is about to make a move higher. Polkadot’s price could rise to $35.04 in a highly bullish scenario, representing a 34% increase.

Polkadot’s first hurdle will be $29.54, roughly 14% above its current price of $26.01. Beyond that, DOT will test the $30.92 resistance level, which would indicate a 20% upswing. If DOT eventually establishes a swing low below $24.35, it will establish a lower low, thereby invalidating the bullish sentiment. Polkadot’s price may then revisit the immediate support level at $22.66.

According to the daily chart, after touching the resistance level of 3460 SAT, the DOT price slides a little below the daily high of 3460 SAT but still keeps the price above the 9-day MA. Now, traders may begin to retreat and could touch the nearest support level of 3000 SAT and below. However, if the current level can act as a solid line of defense against any further downtrend; the resistance level of 3900 SAT and above may come into focus.

Polkadot’s price could rise to $35.04 in a highly bullish scenario, representing a 34% increase.As a result, investors can anticipate an increase in Polkadot’s price. However, there is a possibility that DOT will retest the $24.84 support level for the third time in a special circumstance. This move would result in a triple bottom formation, increasing the likelihood of an upswing.

As of today, On the 4h timeframe, there's also a cross over on the 50 MA which indicates a bullish movement unless there's a sudden retest.

A couple of retests on the support and resistance zone had also been made as the above chart says it all.

DISCLAIMER: I am not a financial advisor nor certified analyst. All contents discussed on this blogpost are solely my own personal views and for Trading education/entertainment purposes only . Do your own research and due diligence.

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Avatar for InvestorOmar
Written by   28
2 months ago
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