Hi Traders!
Polkadot is a very successful project, which is often talked about especially in recent months. In addition to a strong fundament and technology, this is also confirmed by the chart. If we look at the daily, we see that a few months ago we were at the level of USD 4. Just a few days ago, DOT reached its maximum of USD 46, which is more than a 10-time evaluation, and that's the problem.
This evaluation was achieved by DOT without the chart stopping for some time or undergoing a more significant correction. We have been monitoring this just since February 20, when the chart more or less moves sideways in the channel. We haven't moved anywhere since then, and in my opinion it will be for some time to come. From the point of view of the whole structure, it would be ideal to test the level of USD 28 - 30, which represents the support. The trend line also crosses this level. We should not break it down, because if that happened, we could witness a deeper correction. It could be either very sharp and fast (in the bull market calmly -50% and subsequently fast growth), or it would be milder and would last significantly longer.
The chart still needs to go sideways for some time and gain strength to be ready for further growth. However, Polkadot has interesting events planned for the summer, so currently we may only be watching the silence before the storm. The price of USD 28 - 30 can be a good level to buy and hodl.
May the crypto be with you!
Polkadot is a very successful project, which is often talked about especially in recent months. In addition to a strong fundament and technology, this is also confirmed by the chart. If we look at the daily, we see that a few months ago we were at the level of USD 4. Just a few days ago, DOT reached its maximum of USD 46, which is more than a 10-time evaluation, and that's the problem.
This evaluation was achieved by DOT without the chart stopping for some time or undergoing a more significant correction. We have been monitoring this just since February 20, when the chart more or less moves sideways in the channel. We haven't moved anywhere since then, and in my opinion it will be for some time to come. From the point of view of the whole structure, it would be ideal to test the level of USD 28 - 30, which represents the support. The trend line also crosses this level. We should not break it down, because if that happened, we could witness a deeper correction. It could be either very sharp and fast (in the bull market calmly -50% and subsequently fast growth), or it would be milder and would last significantly longer.
The chart still needs to go sideways for some time and gain strength to be ready for further growth. However, Polkadot has interesting events planned for the summer, so currently we may only be watching the silence before the storm. The price of USD 28 - 30 can be a good level to buy and hodl.
May the crypto be with you!