- 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
Bitcoin Revolution is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today.
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.
Best Forex World is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (not all) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.