Hi Traders!
In today’s analysis, we will look at the new cryptocurrency that has managed to drive the whole crypto world crazy in recent days - Polkadot.
The Polkadot, which has the acronym DOT in recent weeks, has caused a huge stir. This "rocket" quickly reached the TOP 10 cryptocurrencies by capitalization. It is currently priced at about $ 5.60. It was similar to LINK, which was already depreciated at $ 5, but it eventually rose to a great $ 20.
The first problem is the history of the chart, which is extremely short on the Binance exchange. Therefore, today we are using the 1H graph. The chart rises in a solid channel and you see the marked 2 basic supports. DOT has shown growth of almost 100% in the last 4 days and therefore a smaller correction could be expected. However, the basic rule is - if the DOT keeps the bottom trend line of the channel, it will grow.
With similar shifts and bull trends, it is quite common for the chart to have almost no correction. Usually, it works so that the chart grows and then moves to the side. After a few days of moving to the side, it grows again. We are following the same pattern at DOT. Breaking this pattern would mean falling below the lower trend line and is therefore absolutely fundamental. As long as we hold it, the DOT will grow.
May the crypto be with you!
In today’s analysis, we will look at the new cryptocurrency that has managed to drive the whole crypto world crazy in recent days - Polkadot.
The Polkadot, which has the acronym DOT in recent weeks, has caused a huge stir. This "rocket" quickly reached the TOP 10 cryptocurrencies by capitalization. It is currently priced at about $ 5.60. It was similar to LINK, which was already depreciated at $ 5, but it eventually rose to a great $ 20.
The first problem is the history of the chart, which is extremely short on the Binance exchange. Therefore, today we are using the 1H graph. The chart rises in a solid channel and you see the marked 2 basic supports. DOT has shown growth of almost 100% in the last 4 days and therefore a smaller correction could be expected. However, the basic rule is - if the DOT keeps the bottom trend line of the channel, it will grow.
With similar shifts and bull trends, it is quite common for the chart to have almost no correction. Usually, it works so that the chart grows and then moves to the side. After a few days of moving to the side, it grows again. We are following the same pattern at DOT. Breaking this pattern would mean falling below the lower trend line and is therefore absolutely fundamental. As long as we hold it, the DOT will grow.
May the crypto be with you!