Looking at the price of Polkadot (DOT) on the daily time frame we can see that today based on that parachain auction news that the Polkadot and Web3 Foundation released, DOT is looking extremely bullish to the upside. The combination of the news and the technical analysis aspects of this chart seemed to crossover at the perfect time, prepping Polkadot for a launch off the launchpad at the $35.15 level.
Polkadot is currently holding support within this wedge created from the downtrend first identified at the $45.69 - $48 distribution zone. DOT just found the 1.618 Fib resistance level placed at $39.24 as a newly-found support level moving forward. A successful daily close over this $39.24 level will send the price skyrocketing to $45.69 - $48 and that is where you should be looking at taking profits. From here, there is going to be some 1st and 2nd touch rejections, but shortly after that, DOT is going to be looking to create a higher high and wick the $53.53 Fib level.
Personally expecting a retouch of the $39.24 level, so in case you missed this trade, there is going to be another opportunity to go long here soon.
Cheers traders!
Polkadot is currently holding support within this wedge created from the downtrend first identified at the $45.69 - $48 distribution zone. DOT just found the 1.618 Fib resistance level placed at $39.24 as a newly-found support level moving forward. A successful daily close over this $39.24 level will send the price skyrocketing to $45.69 - $48 and that is where you should be looking at taking profits. From here, there is going to be some 1st and 2nd touch rejections, but shortly after that, DOT is going to be looking to create a higher high and wick the $53.53 Fib level.
Personally expecting a retouch of the $39.24 level, so in case you missed this trade, there is going to be another opportunity to go long here soon.
Cheers traders!
