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Cheeky Crypto: Polkadot Price Action Analysis – 28th October 2023

Polkadot DOT: $200 Price Prediction too LOW?
Polkadot DOT: $200 Price Prediction too LOW?

Introduction

Nick from Cheeky Crypto welcomes viewers to a video on Polkadot’s recent price action. He notes that Polkadot has been one of the strongest performers in the bear market, but its price has been consolidating in recent weeks.

Price Action Analysis

Nick analyzes Polkadot’s 1-hour chart and identifies a rejection at the $3.92-$3.99 range, followed by support at the 50 EMA and 50 SMA. He also identifies an impulsive move that hit the 1.618 level.

Nick then discusses a three-wave structured move to the upside, which he considers to be an extended C-wave pattern. He explains that the price moved down in a three-wave move to a support point, and he expects a further move down to test the 200 EMA at $4.8 before rallying up again.

Daily Time Frame

Nick then discusses Polkadot’s daily time frame, noting that it has made a strong move to the upside, which could indicate the bottom. However, he also notes that there is room for correction, as the Stochastic RSI is overbought but heading down.

Weekly Analysis

Nick then switches to the weekly time frame and notes the support zone between $3.53-$4.33. He also describes Polkadot’s performance in 2021 and its potential for future gains. He suggests that Polkadot has done well in the bear market but may have more accumulation time.

Nick speculates that Polkadot’s price target could range from 21% to 52%, but it could potentially exceed expectations due to ecosystem development.

Conclusion

Nick wraps up the video by encouraging viewers to like, subscribe, and enable notifications for updates on Cheeky Crypto’s content.

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