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Polkadot

Bearish Trend Breaks Support, Await Signs of ReversalOver the past month, the price of DOT (Polkadot's currency) has faced considerable downward pressure, moving between the support level of $5.15 and the resistance level of $5.60. However, the price recently broke below the lower boundary of Polkadot's currency range channel, indicating a bearish trend. This selling pressure was so strong that it briefly dipped below the price floor of $4.23, which had been established at the end of 2022. Interestingly, the price of Polkadot found significant monthly support within the range of $4.24 to $3.98 and responded positively to this support level. This suggests that there is a potential for a trend reversal and upward movement in price if we observe encouraging signs of a positive reaction and a change in the trend on the daily and four-hour time frames within this support range. These signs could indicate a reduction in selling pressure and a renewed demand for DOT. However, at present, we do not see these favorable indications on the mentioned time frames. It may be necessary to wait for signs of a trend change in the short-term, particularly for lower time frame trades. For example, on the 15-minute time frame, if the resistance level between $4.53 and $4.57 is broken, it could serve as a signal for a short-term trend reversal. It is important to closely monitor how the market responds to this monthly support level, as a strong positive reaction could result in the price of Polkadot fluctuating within the range of $4 to $5 for a certain period of time. Considering the current market conditions, it is crucial to remain cautious and wait for confirmation of a positive trend change before making any significant trading decisions. The RSI (Relative Strength Index) value of 34 on the 4-hour timeframe suggests that the market is in a slightly oversold condition, but further analysis and confirmation are necessary to determine the direction of the price movement.
by MonoCoinSignal
2
POLKADOT - 1000% Move Coming!DOT has giving us an EASY trade setup. The big wave 2 was an irregular FLAT correction, which consisted of an ABC wave (3-3-5 breakdown). We are now in wave 3 and we've seen subwave 1 and currently in subwave 2. For confirmation of subwave 3, we can wait for the break of red trendline. Trade Idea: - Safe entry on break of red trendline - Risk entry anywhere above invalidation level - Stops below invalidation level - Targets: 14, 24, 54, HODL the rest Goodluck and as always, trade safe!
BINANCE:DOTUSD
by WicktatorFX
12
Falling Wedge Pattern, and Moderate Bullish MomentumPolkadot is currently being traded within a significant support zone, presenting a favorable trading opportunity. On smaller timeframes, a falling wedge pattern has emerged, indicating the potential for an imminent breakout from this triangular formation. Moreover, the Relative Strength Index (RSI) is currently at the 58 level, suggesting moderate bullish momentum in the stock. This implies that buying pressure is stronger than selling pressure, yet it has not reached an overbought condition. With these factors in mind, traders can consider building a long position at the support level while implementing proper risk management techniques. This analysis indicates a potential upward movement in DOT's price in the near future.
by MonoCoinSignal
6
DOT: analysis for buying bagsMy impression is that DOT will move further toward my 1st target although eventually it just follows BTC and when I say follows I mean literally mimic it with a magnified movement. This means that despite DOT showing signs of bearishness if BTC starts pumping it will pump along. On D1 I see many wicks on the bottom of the candles which means sells were absorbed but at the same time means that SL were triggered and people must have placed many orders below those wicks, orders which looks tasty to liquidity hunters. On weekly the impression is we'll have a "darth maul" candles thich is sign of indecision (due to BTC ranging) but to which very often follows a continuation. Here the chart: I personally would love DOT below 5 USDT but this will happen only if BTC allows it. If all of a sudden we see a candlestick over 5.63 with enough volume this bearish scenario is invalidated. This TA is just for long time frame investment, can give ideas for short terms trade but I think it's more useful in case you plan to buy since we're close to the bottom UNLESS I'm wrong and the bottom is in. Good luck
by Shotokhan
🔥DOT IS AT STRONG SUPPORT: 2 TARGETS AFTER THE KEY LEVEL TEST🔥Hi, friends! DOT reach the strong support level and already make a false breakout which shows the price strength. 📊 TRADING PLAN FOR DOT: 1. the false breakout of the key level(already happened) 2. volume growth at the bottom 3. bullish BTC is a must-have for altcoins growth ✅ THE MAIN TARGETS FOR DOT: 🔥 $6.2-6.4 - the value area and strong resistance 🔥 $7 - the key level 💻Friends, press the "boost"🚀 button, write comments, and share with your friends - it will be the best THANK YOU. P.S. Personally, I open an entry if the price shows it according to my strategy. Always do your analysis before making a trade.
by Yuriy_Bishko
2
Polkadot DOT. Maybe it's time to start growing, or not?)Dot's price was in the "group of leaders" that were the first to break out of the prolonged downward trend. However, "the winner music didn't last long", after a 2-month rise in the DOTUSDT price with a result of +90%, consolidation has been going on for the 3rd month. Roughly speaking, there is nowhere to fall below the price of the Polkadot token. The critical level from below is $4.83. If we model Elliot waves on the current trading situation on the DOTUSD chart, we can assume that wave (2) is close to completion. The next wave is an upward wave (3), with the most conservative targets for its growth ranging from $10-10.50 to $12.30. _____________________ Did you like our analysis? Leave a comment, like, and follow to get more
by P_S_trade
31
Peaks and ValleysThe value of Polkadat has exhibited a consistent decline over the course of the past month. Notably, the currency experienced a significant decrease of 26% in its price, responding unfavorably to resistance encountered at the precise level of $7. Subsequently, the previously established price floor of this currency was temporarily breached within the $5.15 range, followed by a positive recovery within said range. A promising long-term scenario emerges if the resistance levels of $5.62 and $5.80 are successfully surpassed, indicating a potentially bullish trend within the 4-hour time frame for this currency. In such an event, buyers may set their targets within the price range of $6, $6.30, $7, and $8 to $8.40. Currently, there is an observed corner pattern occurring between the upper limit of the medium-term descending channel and the descending trend line. Thus, breaking through these resistance levels would confirm the pattern. Considering the short term, it is worth noting that a former robust support has now transformed into a formidable resistance, while a lower support range remains strong. Consequently, there exists the possibility of a range-bound trend.
by MonoCoinSignal
2
POLKADOT: Classic Accumulation, Rally Phase NextBINANCE:DOTUSDT Hi Traders, Investors and Speculators of the Charts 📈📉 Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. In today's analysis, POLKADOT presents a great buying opportunity with a low risk and high reward setup. Currently trading in accumulation phase of the Wyckoff Method market cycle phases, you may still get another chance to buy lower BUT expect the price to continue trading in the accumulation zone ranges (within the support zone and resistance one pointed out in the green box) . The timeframe of six months is significant because most market cycles / phases start to show signs of change after 6 months of a specific trend being observed as in this case, a bearish trend was observed for about 6 months. After successfully confirming a bottom on both the chart as well as on the Technical Indicator, flashing an oversold with the built in RSI, it seems that the most logical next phase is the upwards phase, however you might need some patience as to "when" this rally will happen. _______________________ 📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍 We thank you for your support ! CryptoCheck
Long
by CryptoCheck-
16