Polkdot alt coin

Polkadot Chart Analysis: Can You Start Accumulating from This Level?

Polkadot Chart Pattern

Hey, everyone! Many of you were asking me to make a video on my PolkaDot trades. It is an asset of the Web3 blockchain and I think it’s one of the most interesting assets in the crypto market. It has very strong fundamentals as well as a good room for upward movement.  In the last blog on Polkadot, we had clearly predicted the downtrend.

Read our earlier blog:  Crypto Technical Chart-Polkdot Market Outlook

Although the price has regained the 24.85 level and moved higher for a few days, the bulls did not find key resistance around 24.98, 61.8% Fibonacci line, which was fixed during strong downward movement from the high of 55$ to the low of $11.

Polkadot

This line is probably the key one we need to pay attention to in the future. It is also the long-term support zone. If it stays there for quite some time, you can start accumulating.

Also, every time the price started the upward movement and built the bullish structure in only one timeframe, we could see bearish pressure and further downward movement to the support. It was a sign for me that manipulators are not going to push the price upward. They are not ready yet. Probably they have another plan.

The RoC indicator is also at the support line of minus 8, which indicates correction may end for some time and consolidation may start before starting the upward journey.

Vikash Kumar

An investor with more than 15 years of experience in the market. I m deeply interested in positional and momentum-based trading strategies and love learning strategies and backtesting.

You May Also Like

Dalala street

Trade Setup For Monday: Nifty And Bank Nifty Outlook, Global Markets, Quarterly Results, Result Review

Market News

Trade Setup Today: Global Cues, Quarterly Results, Stocks in News And Crude Making New High

Tezos coin

Tezos Can Be A Multibagger: Weekly Crypto Trading Idea, Trade Set Up

Motherson Sumi

Motherson Sumi Fall, What It Means For Investors and F & O Traders

Leave a Reply

Your email address will not be published.