📈 Daily TA: Polkadot (DOT/USD) | 26-11-2021
All Time HIVE and hodl, dear members of LeoFinance!
Today I would like to comment on the price chart of Polkadot.
In the daily chart (1D), DOT/USD has formed an Ascending Wedge (uptrend):
However, because of the current ongoing correction, the price is starting to test the lower line of the wedge. As can be seen from the chart, a breakout may happen. In this case, a bearish signal will occur. That's why the bulls have to be very cautious.
In my view, the bulls should keep an eye on the 1-hour chart (1H), where DOT/USD has started to move downwards within a Descending channel (downtrend):
If the price exits the channel in the upward direction and returns to the wedge then an uptrend may restart. I consider this as a bullish scenario. However, if the price continues to move downwards within the channel then the sentiment will become more bearish and we can see a deeper correction.
To be continued ...
As of the time of writing, one DOT costs $35,63 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 and a half years.
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
Join the crypto exchange Bittrex: https://bittrex.com/Account/Register?referralCode=3GB-QAJ-BMW
Posted Using LeoFinance Beta