Polkadot - Upcoming opportunity 2.0! 23.01.2023
First things first, I had to simplify a lot of counts in Polkadot for this analysis because some of the movements are much more complex than in VeChain or Solana.The Macrocount and especially the large C-Wave (Yellow - 2D Chart) are affected, if someone wants to see the complex version just write me a message.
Polkadot is one of the more interesting projects out there and is one of the few coins that managed to establish an overshooting (B) Wave last November. Additionally, this coin attracted a lot of momentum in the last bullrun and seems to be another candidate who could survive this bear market.
Nevertheless, Polkadot crashed since last November and lost almost 92% of its value, there are coins who suffered even worse but overall, that’s an impressive loss.
We choose to share our macrocount in polkadot which is just like I said before a heavily simplified long-term view.
Now to the good news, the coin managed to gain more than +55% in the last weeks and I estimate that we established a well-structured bullish impulse. In the next hours, I anticipate that the price will advance further and should end the whole bullish wave (i) impulse. The trend should shift in the next days, and it’s very likely that the next days or weeks will be dominated by wave (ii).
As in all other coins, I highlighted our blue buy zone on the chart, which ranges from 4.23$ - 6.56$. The price should enter this zone and new investors can take this opportunity to accumulate coins. After this correction, the price has only one goal, to build up massive momentum and break above the last high and finally 8$.
We will continue to build up long positions in the blue Fibonacci zone too!
Same as in Vechain, there is still a chance that Polkadot could expand further to the downside, but this really depends on how Bitcoin and Ethereum behave in the upcoming correction.
Please notice that we are already invested Polkadot since the 29th of July, back then we announced our first positions here on tradingview.
Read the full statement here:
If you should have any questions whatsoever, you can write a comment or contact me directly!
Long Polkadot (DOTUSD)
AVERAGE EXECUTION PRICE: 7.33
LONG TERM TARGET: 55$ and more!