Dot has been in consolidation for quite some time, and it is one of the superior cryptocurrencies that has an actual use case as far as fundamentals are concerned. And it has barely moved the needle over the last few weeks. It definitely has all the signs of a wyckoff accumulation phase though, and it seems like we could have some very impulsive moves as it just smashed through the previous ATH and is now again in price discovery. If you aren't in, you may want to begin building a small position (low or no leverage) with bigger buys if we head to the trendline once more. IMO, there are many shitcoins that have mooned that are worth exactly $0 (doge for example). I could be wrong though. I have stops below trendlines just in case -- never bank big on a moonshot and treat your account like its a large amount even if its not. During this insane bullrun Dot could easily reach $100+ in the coming weeks.
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BTC shit the bed and tanked alt coins all around -- Im now looking at the lower trendline to enter long positions and have some very low orders in the $10-$15 range just in case we get massive scam wicks. If you've only been in crypto for a short time, this may be a frightening turn of events, everyone thats been around since 2017 or before knows this is very typical of crypto markets. It just hasnt happened for a while. Get used to more of this happening and learn to use futures platforms in these events anyway so you can take advantage of downtrends. Im personally just trading for more dot on the COIN M contracts at Binance -- tripled my dot holdings in about 10 minutes!
DOT is a sleeping tiger.
I entered at 6.5 EUR and HODL and stake.
chillingeffects
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@maddinthegreat, yes, I could see it being just as important as ethereum in the coming years... thats probably why it had such a long consolidation period. However, even from a technical analysis only standpoint it looks great :) I rarely look at fundamentals but I think DOT is underrated at the moment.
ShanghaiMcCoy
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@chillingeffects, DOT is already a quite big ecosystem. Cardano, i also hold, is not. So I think DOT is really undervalued. 20+ nice projects want a parachain slot.
And look at DOGE, 10x the trading volume of ADA and DOT.
That's silly.
Regards
amystery
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@maddinthegreat, yeah, DODGE will do a 90% dump soon IMO. The coins with real use cases will be around for the long haul and retain their value - aka DOT
Raleno
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Good analysis, totaly agree and very helpful. Many thanks. I am still holding :-)
salemsweeto
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i entered at 47$ , should i wait for a retest at 44$ to buy more ? thanks
chillingeffects
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@salemsweeto, I would have waited to buy a bit cheaper. But this market is moving fast so it might not be so bad if it really starts pumping. But then it becomes more of a gamble, not a professional trade style. Totally depends on your strategy.
I entered at 6.5 EUR and HODL and stake.