Hello everyone! It's been a while since a major correction on $DOT. What a bull run, huh? $DOT was up as much as 410% since it's lows in mid-July. So should you go ahead and get some now that it is down 20% from its initial highs, or should you shave off these gains? I'm here to help you out.
Technical analysis
$DOT has formed a beautiful uptrend which continues to show signs of strength. Given the fact that crypto went mainstream, I think that such a promising coin with a lot of innovation has quite a chance of reaching new all-time highs. (Currently, Polkadot is 8th biggest cryptocurrency in the world by market cap)
Innovation behind Polkadot
Trading plan
The general idea behind an uptrend is to buy at the support zone and sell at the resistance zone. And that's what I want you to do. I think it's a great time to enter a long position. In case of a breakout to the downside, use a stop loss. I would recommend setting it 3-5% bellow your entry price. Hope this helps. Feel free to leave a comment down below. See you soon, in the next one!
Technical analysis
$DOT has formed a beautiful uptrend which continues to show signs of strength. Given the fact that crypto went mainstream, I think that such a promising coin with a lot of innovation has quite a chance of reaching new all-time highs. (Currently, Polkadot is 8th biggest cryptocurrency in the world by market cap)
Innovation behind Polkadot
- Relay Chain: The base Polkadot chain is the relay chain that connects all these individual chains. As such, they can organically solve interoperability issues between these connecting chains.
- Parachain: This stands for parallelized chains that run through the Polkadot network. These help scale up the system by parallelizing operations.
- Bridge Chain: This chain connects different blockchains that don’t use Polkadot’s governance protocols.
Trading plan
The general idea behind an uptrend is to buy at the support zone and sell at the resistance zone. And that's what I want you to do. I think it's a great time to enter a long position. In case of a breakout to the downside, use a stop loss. I would recommend setting it 3-5% bellow your entry price. Hope this helps. Feel free to leave a comment down below. See you soon, in the next one!