Polkadot Price Analysis: 02 January – AMBCrypto News

LBRY vs. SEC to face the same fate as Ripple vs. SEC? Answer can alarm you
Bitcoin holders shouldn’t fear the fall below $20k as mean reversion…
Will Magic Internet Money [MIM] become the latest domino to fall
Can MANA’s bullish intent materialize despite BTC falling below $20k
Neo Network: With this upgrade, will NEO defy broader market sentiment
Bitcoin holders shouldn’t fear the fall below $20k as mean reversion…
BTC: Want to time the bottom? These ‘bull traps,’ ‘fake pumps’ might help
Bitcoin back to Stone Age? On-chain answer will not startle you
Could institutions pulling millions see Bitcoin [BTC] at $20K next
Strongest hands being purged from BTC? Here’s everything ‘on-chain’
Ethereum: Assessing the odds of ETH descending lower than $1050
The A to Z of ETH 2.0 deposit contract seeing new ATH amidst…
Could 3AC affect Ethereum enough to register newer lows this week
Ethereum: Improved sentiment can see ETH bounce back to…
How Ethereum’s correlation to Bitcoin can affect its near-term price action
Published
on
By
Over the past six days, Polkadot [DOT] appreciated by 82% from $5.2 to post a high at $9.51 and at the time of writing was trading at $8.52. It held the sixth rank on CMC with a market capitalization of $7.58 billion.
Source: DOT/USDT on TradingView
The 4-hour chart showed the extraordinary gains made by DOT after breaking past $5.2, a level that DOT lost to the bears in early December, reclaimed in mid-December, and lost once more.
The strong bullish momentum for DOT saw a minor pullback to retest the $8 region as support before another move upward. This momentum hinted at an upside for DOT and a long position could be profitable for traders.
The Relative Strength Index corrected from the overbought region and showed a value of 60 at the time of writing, which was strongly bullish. Analysis of shorter time-frames showed that the $8.25 level has acted as a support to DOT’s dip from $9.5, and the defense and subsequent ascent up the hourly and lower timeframe charts showed bullish momentum was rising once more.
A retest of the $8.5 support is possible, while the psychological $10 would be the first target for bulls and will be a conservative upside target over the next few days. The Fibonacci extension level of 27% lies at $11.57 based on DOT’s move from the $4.58 swing low to the$9.51 swing high.
Entry: $8.51
Stop-Loss: $7.9
Take-Profit: $10
Risk-to-Reward: 2.44
DOT has seen a brief pullback and re-established bullish momentum on the shorter timeframes while maintaining a healthy upward momentum on longer timeframes. The trading volume post-breakout has been strong and the $8 level has not faced significant pressure. The $8.2 region was defended by bulls and a close above the $8.5 level indicated a further upside was likely for DOT.


IMCoin exceeds projections and meets targets
Binance Coin, Tron, BAT Price Analysis: 02 January
A Biomedical engineering graduate, Yash focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
Polkadot investors who married bias should know this about DOT’s street cred
Analyzing if DOT bulls can clinch near-term gains before a pullback
Polkadot: Before parking money in DOT for 2022, read this
Polkadot, TRON, Loopring Price Analysis: 24 May
Polkadot: Why DOT can be expected to lead the upcoming bull run
Polkadot: Should DOT investors expect a rally in the face of a dead cat bounce
Your email address will not be published.









Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

source