Polkadot is poised to climb to $ 35 when DOT completes the correction section – FXStreet

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  • The Polkadot Prize is nearing the end of a mighty Gann time cycle.
  • A bullish reversal could cause an explosive move upward.
  • Downside risks remain as a particularly bearish pattern develops.

The Polkadot price is more than 50% below its all-time high. The downside moves it has seen are the most bearish since May, but the tables could soon turn in favor of the bull market.

Polkadot Prize concludes Gann’s “Cycle of Death”

The Polkadot Price is for the sixth week in a row that weekly candlesticks are created with closing prices below their opening prices. It is also the seventh weekly candlestick in this corrective move. In the Gann analysis, WD Gann wrote that he considered forty-nine to fifty-two days of movement in a single direction to be a “death zone”. Gann wrote that instruments that meet the criteria of his “death zone” cycle are extremely likely to experience a countertrend move or a broader trend correction.

DOT / USDT weekly Ichimoku chart

Indications of an impending bullish reversal in Polkadot price can be seen on the $ 0.25 / 3-box reversal point and number chart. There is currently a bullish shakeout pattern in place. This is one of the strongest, most bullish signals in point-and-figure analysis. That it shows up on the first test of the new uptrend is a very positive sign.

The theoretical trading setup for the Polkadot price is a buy stop at $ 27.25, a stop loss at $ 26.25, and a profit target at $ 35.00. This trade represents a 7.75: 1 reward for risk. This trade is valid if the current O column does not drop below $ 25.75. A trailing stop in three boxes protects all implied gains after entry.

DOT / USDT $ 0.25 / 3-box reversal point and number chart

However, sales-side pressures and downside risks remain. The reversal chart of USD 1.00 / 3-box shows a very bearish setup in the form of a quadruple floor. The hypothetical short trade is a sell stop order at $ 24.00, a stop loss at $ 27.00, and a profit target at $ 14. The short idea is the least likely to catch on, and the downward move may be limited to the $ 20 value range.

DOT / USDT $ 1.00 / 3 box reversal point and number chart


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