Polkadot (DOT) to $50

On the above 4-day chart price action has corrected over 90% since the sell signal back in March 2021. Now is an excellent long opportunity. The reasons?

1) Price action and RSI resistance breakouts.

2) Regular bullish divergence as printed over a 4 month period.

3) Support and resistance. Look left.

4) The target is defined from the falling wedge.

Is it possible price action falls further? Sure.
Is it probable? no

Ww

Type: trade
Risk: <=6% of portfolio
Timeframe: Long from August.
Return: 1000%

Trade active

support confirmed

Note

Double bottom prints. That is bullish.

Trade active

High positive divergence.
Will not move as fast as those smaller market caps but a trend reversal is now with high probability.

Note

Past resistance becomes support

Note

GRM support confirmed.

Note

Had a few messages asking is the idea still valid, or why is it so slow to move? Others are popping off etc..

This token is up around 20% since publication. It has a market capital of 7 billion dollars. It will take a serious Tsunami of cash to move price action to target, it will not happen quickly.

Laterally, it is worth focusing on network effects when studying such large market caps. Especially when the market cap exceeds many companies listed on the S&P 500 and NASDAQ. There are many companies in the world that produce meaningful products and services with tens of thousands of customers with the same market cap. Dot has very few users be comparison, very few. Ask yourself, do you transact with DOT or a centralised exchange? Be honest... this is speculation on a future that may or may not come, understand that!

Trade active

Flag backtest now confirmed.

Trade closed: stop reached

Wait for price action to confirm $4 as support, otherwise it is likely to keep dropping to the bottom of the channel.

without_worries

BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy

Weblink: patreon.com/withoutworries

Allow 3-6 months on ideas. Not investment advice. DYOR

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without_worries

BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy

Weblink: patreon.com/withoutworries

Allow 3-6 months on ideas. Not investment advice. DYOR

Also on: