Polkadot at the base, watch for bounceHello everyone,
here is a very simple and clean chart of DOT/USDT.
Reasons I am bullish on it:
1) DOT is at its base (4 USDT), a strong support from Sept 2020.
2) DOT respects weekly EMA (10) - when price is below, it is bearish. Alternatively, when price is above, it is bullish.
3) Last bull run in 2021 - once it crossed 10 weekly EMA, it went parabolic making a 10x gain.
4) It just made a double bottom. Last time it was at this price about a year ago it went on a 2,5x run.
5) Volume shows that it has been in accumulation for the last year.
6) BTC made ATH, altcoins will most likely follow. Not all will reach new ATHs but if you enter a trade at the bottom, you do not need an ATH to make an excellent profit.
Trade idea:
Since price action is still below 10 EMA it is technically still bearish. I have started accumulating, turning small part of my portfolio to DOT.
My approximate TP levels:
- 9 USDT
- 11 USDT
- 18 USDT
- 35 USDT
- 50 USDT
Not a financial advice. Do your own research.
Good luck!
