Crypto

Polkadot is set to explode as DOT targets $ 82 and new all-time highs | Cryptocurrency

  • Polkadot price is poised for an explosive move higher.
  • The projected profit target is more than double the current value area.
  • Limited downside potential to come.

The Polkadot price continues to consolidate between the $ 26 and $ 31 price brackets. However, a breakout eventually develops. DOT’s upside potential is substantial.

Polkadot price points to 178% rally to new all-time highs

Polkadot price action continues to respond, in a bullish fashion, to a point-and-figure chart pattern known as the spike pattern. A peak pattern is a column of X or O with fifteen or more squares. The input is always in the inversion of 3 squares. The most recent reversal occurred on December 20 at $ 32, just above the current value area of ​​$ 28.

The hypothetical long entry discussed above is still valid and presents an opportunity to add to an existing position or to open a new one. Entry is a stop buy order at $ 32, a stop order at $ 24, and a profit target at $ 82. The projected profit target is derived from the vertical profit target method in point and number analysis.

The trade setup represents a 6.25: 1 reward per risk, with an implicit gain of more than 178% on entry. Due to the target profit range from entry, it may be appropriate to split this trade into three or four smaller trades. Additionally, one or more two to three box trailing stops would protect any post-entry profit.

DOT / USDT $ 2.00 / 3 cells Table of numbers and investment points

Traders should expect some resistance near the $ 40 value area where the weekly Tenkan-Sen and the daily Senkou Span B exist within the Ichimoku Kinko Hyo system.

The hypothetical long setup is invalidated if the Polkadot price falls below $ 20.

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