DOTUSD 4 hrs lets buy this dip
PolkaDot is a novel token, which became available for trading in Aug 2020. As of right now it enjoys active development and enthusiasm. We wont go into details of what it is or what novel features it provides for blockchain technology (there are plenty). We will just assume fundamentals are solid, and will guide ourselves by a technical analysis of the price chart.
Recent BitCoins' all time highs led people to divert some of the profits into Etherium, and PolkaDot. PolkaDot also employs proof of stake, and can be staken on exchanges for up to ~18% yearly (apparently). It corrected itself from all time high of near 20 recently. and right now it nearing a re-buy zone. How high it will rise will depend heavily on bitcoin behavior. Briefly, we expect, if bitcoin does not drop on some bad news - PolkaDot will keep climbing higher. Based on the Fibonacci retracement, we will target 1.618 level ($29+) as a profit target, and $16 to $13 as a re-buy zone, to pyramid more into our positions. (we are getting close). stop loss slightly below $10 seems appropriate.
Recent BitCoins' all time highs led people to divert some of the profits into Etherium, and PolkaDot. PolkaDot also employs proof of stake, and can be staken on exchanges for up to ~18% yearly (apparently). It corrected itself from all time high of near 20 recently. and right now it nearing a re-buy zone. How high it will rise will depend heavily on bitcoin behavior. Briefly, we expect, if bitcoin does not drop on some bad news - PolkaDot will keep climbing higher. Based on the Fibonacci retracement, we will target 1.618 level ($29+) as a profit target, and $16 to $13 as a re-buy zone, to pyramid more into our positions. (we are getting close). stop loss slightly below $10 seems appropriate.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.