Polkadot price is showing SUPER strong technicals – How to potentially make 16% in ONE WEEK

Polkadot is a cryptocurrency also known as the “Ethereum Killer”. It basically seeks to incentivize a global network of computers to operate a blockchain on top of which users can launch and operate their own blockchains. It is a next-generation blockchain designed to connect multiple specialized blockchains into one unified network. If Ethereum 2.0 hiccups DO occur, Polkadot is a top competitor and might take advantage and rise higher in the blockchain realm.

Today, Polkadot technicals are showing a very strong price-action setup poised to bank profits in the short term, and that’s EXACTLY what we’re going to discuss in this article.

Polkadot Technical Analysis & Trade Setup

In a previous article, we discussed what is Polkadot, and why people should consider owning it as part of their cryptocurrency portfolio. We also showed a short-term setup where prices successfully reached the target of USD 4.8, making an easy 10% in 3 days.

Today, we shed light on an interesting formation, where the price of Polkadot is seen fluctuating in a slight uptrend channel (figure 1).

DOT/USD 1 Day chart trade setup
Fig.1 DOT/USD 1-Day chart trade setup – TradingView

Despite most consolidation with cryptocurrencies, Polkadot is seen going steadily higher day by bday. With the above setup, here are the important areas to look out for:

  • Take profit: USD 6
  • Trailing stop: USD 4.8
  • Any sudden strong price decrease is an opportunity to buy back at lower prices in anticipation of the USD 6 price target.

The cryptocurrency market as a whole

Polkadot is a Top 10 cryptocurrency with a #9 spot on the list, and a current market cap of USD 4.6 billion. It’s also up in the past 7 days by 9%.

Contrary to other cryptos in the Top 10, Dot was seen higher than its peers for the day, with a 24 hours rise of 6%. Here is a list of the Top 10 in the lat 24 hours:

1- Bitcoin (BTC) : + 1.36 %

2- Ether (ETH) : + 0.23 %

3- Ripple (XRP) : – 8.08 %

4- Tether (USDT) : 0 %

5- Bitcoin Cash (BCH) : + 3.84 % (surpassing Litecoin)

6- Litecoin (LTC): – 1.42 %

7- Chainlink (LINK) : – 0.68 % 

8- Cardano (ADA) : – 2.39 %

9- Polkadot (DOT) : + 6.06%

10- Binance Coin (BNB): – 2.38 %

Stay Ahead, Stay Updated

Rudy Fares

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