Polkadot: Now It’s Crunch Time
Polkadot has been unable to resist the widespread downturn in the altcoin sector, giving up much of its recent gains after a solid performance in recent days. Our grayed-out Target Zone for the low of the green wave [ii] is coming back into focus – though under our primary scenario, DOT shouldn’t fall much lower in the short term. If the coin drops below the $3.80 support, however, a new bear market low in our orange Target Zone between $2.40 and $1.07 will be on the horizon. In this 39% probable alternative scenario, the coin would erase all gains since the low in October 2023, implying a new bottom for the magenta wave alt.[ii]. In our primary scenario, we expect renewed buying pressure soon, which should allow the green wave [iii] to surpass the resistance at $5.38.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.