The 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.
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.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.