Briefly-

• DOT price primed for a massive upward move.
• The predicted profit target translates to more than twice the current value.
• Limited plunging possibility ahead.

Polkadot’s (DOT) price still consolidated in the $26 – $31 range. However, the altcoin’s reactions show a breakout in the offing. The altcoin has a substantial upside potential for now. Moreover, the crypto market sees slight gains from the latest crash. That can bolster Polkadot’s surges.

DOT Prepares 178% Upswing to New ATH

DOT prices display a bullish outlook with a Spike Pattern on the Point and Figure. Nevertheless, what is a Spike Pattern? It is any Os or Xs column with more than fifteen boxes. Entry is usually on the three-box reverse. The latest reversal happened on 20 December at $32, a level beyond the current value area of $28.

The alternative coin seemed to maintain its previously discussed theoretical long entry. For now, DOT provides an opportunity to open new positions or add to your existing ones. That entry is $82 profit target, $24 stop loss, and $32 buy stop-order. The predicted profit target comes from Point & Figure analysis’ Vertical Profit Target Technique.

The trade formation showcases a risk-reward of 6.25:1, with a staggering surge of more than 178% from this entry. With the profit target range from entry-level, the appropriate strategy might be splitting the trade into four or three small ones. Moreover, a trailing stop of 2 to 3 boxes would safeguard any profit after entry.

Market players can expect hurdles around the $40 mark. Keep in mind that the daily Senkou Span B and weekly Tenkan-Sen exist at this value area in the Ichimoku Kinko Hyo system. Meanwhile, the Polkadot price will invalidate the theoretical setup with a crash beneath the $20 value area.

Alternative coins seem ready to revive the latest underperformances with monstrous upswings. Furthermore, crypto analysts believe assets will overcome their ATHs in 2022. Nevertheless, broad market sentiment will detect performances in various tokens. The market requires steady uptrends to erase the current bearish attitude.

Will Polkadot achieve its optimistic target? You can use the section below to comment.

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