Polkadot DOT is a cryptocurrency that has been gaining significant traction in recent weeks. Some analysts believe that DOT could rally over 5,700% in the coming months. In this article, we will take a look at the technical analysis for DOT and discuss the potential for a major upward move.
Technical Analysis
The 1-hour timeframe on Binance with USDT is currently showing a coil-up pattern. This is a bullish pattern that often precedes a breakout. The price action is also suggesting that a move to the downside may be expected in the short term. This could be a corrective structure before a larger upward run.
Key EMAs and SMAs
The key EMAs (Exponential Moving Averages) and SMAs (Simple Moving Averages) for DOT are currently acting as support and resistance levels. These levels are important to watch as they can provide clues as to the future direction of the price.
Potential Pullback
There is a possibility that DOT could experience a pullback before making a larger upward move. The potential range for the pullback is between $4.78 and $4.93.
Daily and Weekly Timeframes
The daily and weekly timeframes for DOT are also showing bullish signals. There is a leading diagonal pattern that suggests that DOT could make a significant move upwards in the coming months.
Price Targets
The price targets for DOT are $97 to $213. These targets are based on the structural points of the chart.
Overall Outlook
The overall outlook for DOT is bullish. The technical analysis suggests that DOT could rally over 5,700% in the coming months. However, there is a possibility that DOT could experience a pullback before making a larger upward move. Investors should be aware of the risks involved before investing in DOT.
Disclaimer
This article is for informational purposes only and should not be considered financial advice. Please do your own research before making any investment decisions.
